The most financial stable single parents I know tend to be pretty frugal people. I know in my own case, my frugality and care with my finances as a single parent have kept a roof over my family’s head and food on the table during some financially precarious times. Because we get so used to keeping a tight hold on the purse strings, it can be tough to let go a little and take some financial risks–make large purchases, invest money, diversify our finances, etc. It can take some of us some time to get used to the idea and we still may not feel particularly daring.
I imagine it will take a lot of security for me to finally breathe easy. As one of those single parents who has never seen a dime of child support and came away from a decently-long marriage without a single asset and the burden of having to pay off “joint” debts, I’ve learned to be careful, frugal, and relentless in keeping things under control. The idea of making a purchase that others might not think of as large–a new appliance, for example, can send me into fits of stress and anxiety. Even my recent process of finding a new bank and making the transition to one with more appropriate financial “products” has set me off balance. For those of us who have only our own efforts and fiscal management standing to fall on–even a small risk can feel scary and precarious.
Building financial stability, however, and growing ones “portfolio” require a bit of risk, however. Even though buying property or a new house, or deciding to invest can be positive financial moves–we single parents might need to get ourselves bolstered and geared up for the new steps. Finding good support and engaging the help of a qualified financial planner can help. I know that professional advice and support is important to me. I need someone who understands my anxiety and won’t pressure me into doing more than I’m ready for. For me, it also takes me a while to make a decision–I am one of those people who likes to shop around, get all the facts, mull things over and compare, before taking any sort of financial leap. I’m sure a big part of this is due to my lack of confidence and my personal experience with financial precariousness. My advice to those of you who struggle as I do with financial risk is to NOT try to do it alone–find support, a professional, an investment group or club, or take some classes to help to build knowledge and confidence. It is okay if it takes a little while, you’ll be gaining knowledge as you gear up to take some risks.
Also: Money Issues Can Be a Trigger