Single parents can be financially savvy too!
I read a great article this morning by Laura Coffey. Yes, the same Laura Coffey that I 
posted an article by a few days ago. The last article I posted wasn’t too impressive. This one, however, is a tad bit different. It’s titled “Make smart financial moves as a single parent 10 Tips: Survival strategies for moms or dads without a spouse”
Coffey gives us 10 tips on becoming financially savvy as a single mom or dad. I especially like # 2 : “Be up front with your children”
Growing up, my dual-parent household was never especially open about finances. As a child, I had no idea where our family stood in terms of income, expenses, and debt to income ratio. I wish I had.
In her article, Coffey says,
” Have an honest discussion with them about the family’s financial picture — especially if you’re a suddenly single parent. They have the capacity to understand their changed circumstances and help the whole family curb spending once you arm them with the truth.”
I think a lot of times, we underestimate our children in terms of being able to understand complex subjects, such as finances, budgeting, etc. The key is breaking it down into terms that they can understand. At the age of 6, will my son understand interest rates and mutual funds? Probably not. But will he understand that we have a set limit in movie money every month and that’s why he can’t go see every single kid’s movie that comes out? Absolutely.
Talk to your kids. Prepare them for their own financial future.
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