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Clarity Financial Planning Services is an advocate for your financial future who takes a holistic approach to your needs and goals.

Financial Planning Advice for Single Mothers offers the kind of financial advice you may find elsewhere with the addition of offering attitude adjustment advice needed when you’re facing a tough situation. It is easy to panic but better to save money and explore your options:

“But being a single mom does not mean you’re destined for the welfare line, free school lunches for your kids, or living in your parents’ basement.

The first step is to convince yourself that your new life will be one that is full, joyous and financially rich.”

Emma Johnson of encourages single mothers to see themselves as financially independent because even if you get alimony or child support (or both), you cannot rely on that money since anything can happen. She adds that earning your own money without being totally dependent on a former spouse can help you heal emotionally.

Understand how your taxes will change. You don’t need to become a tax expert but you do need to have a general overview of how your tax filing is going to be different now that you are on your own as the head of household.

Set short and long-term goals. Sometimes single parents are so consumed with surviving day to day and week to week that they don’t look at the bigger financial picture. You don’t have to be wealthy to have financial goals; in fact setting goals can put you on the path the wealth. That article gives examples of short-term goals (pay off a credit card, build your emergency savings fund) and long-term goals (buying a house, retirement, college fund. Completing short-term goals can give you the confidence you need to keep working towards you long-term goals. Working with a Fee-Only financial planner can help you figure out a path to a financially secure future for your family.

Working Mother Magazine also suggest that single parents have life insurance, trauma insurance, or some other kind of income protection to ensure that you can still meet expenses if something unexpected happens.