Safeguarding family future: a guide for single parents

Being a single parent to a minor child or children can be daunting, especially with financial responsibilities.

- Erin White

As a single mom to two young children, I understand how challenging it can feel to manage expenses alone, from daily costs to planning for their education—all without the stability of a dual-income household.

Balancing these obligations while saving for the future can seem nearly impossible.

This article offers guidance on practical strategies single parents can use to build a more secure financial future.

Guardianship

First, ensure the guardianship of your minor children in the event of your death, especially if you are their sole natural guardian. You can appoint a trusted individual in your will. However, if the other parent is still alive, they will automatically remain natural guardians of your child should anything happen to you.

A correctly structured will

Making financial provision for your minor children will no doubt be top of mind, and the best way to do this is by ensuring that you have a valid will and that it is correctly structured to provide your children with the protection they deserve.