We’re excited to be another blog post; this one is around advice on general personal finance with a focus on healthcare and estate planning. We’ve partnered with a New Jersey based financial advisor to help answer some frequently asked questions on this topic.
What should I do about health insurance?
Though we don’t often want to think about the bad things that could happen in life, it’s especially important for them to be ready for anything that life could possibly throw at them. Whether it be health, home / renters, auto, or life insurance – all could be good investments to make sure your can protect those around your that really depend on you. Single parents should not ignore potentially purchasing life or disability insurance so that their families are protected in even the unthinkable scenarios.
Who can I go to for help?
There are a lot of places where you can go for help to get free resources. The government resources area good place for instance US Department of Housing and Urban development has a resource to help find affordable housing and there are other programs like SNAP and TANIF that folks could be eligible for financial support. There are also a lot of community organizations like SPAN that offer support to single parents. I’d also say be careful about the financial advice from the internet because it’s not always accurate / applicable to every situation.
What should I do with regards to estate planning?
Though we often want to put it off, having an estate plan is really important when you’re a single parent. It’s important to have a plan in writing and to have the correct beneficiaries in place. Some ways to potentially find some help with putting together an estate plan could be lawyers who offer pro bono services or potentially through your employer if they offer free estate planning services support.
We’d like to give a special thanks to the financial advisor for partnering with us on answering these questions. We’ll continue to do more posts geared around answering the personal finance questions of single parents. In the meantime, if you know any single parents who have any personal finance questions or are interested in receiving personal finance coaching, please have them shoot us an email at firstname.lastname@example.org. Same goes to any financial advisors who may be interested in partnering with us.