Raising a baby and toddler alone in an Indian society is a lot different than raising a child in the west.
Struggles of a Single Mother in India
When an Indian woman is beginning her journey as a single parent, the three common problems she faces are lack of knowledge to survive and how to earn money and how to invest the earned money.
The life of a single Indian mother is like a constant emotional rollercoaster and if you are going to be one. In addition to basic financial obligations that come with bringing up a tiny human, you’ll tack on life insurance, healthcare and a college savings plan.Making ends meet and saving for long terms gets really tough for a Single Indian mother as in Indian families, including the women themselves, possess a mindset that budgeting is the job of a man and even though women have excellent natural instincts for budgeting, they remain refrained from this work.
How do you deal with the situation?
Whether you’re divorced and co-parenting with an ex, never married, or chose to be a single mom, one thing’s for sure: Once you’ve crossed over to single mom status, life will never be the same again.Financial planning and constraints will be a routine part of life but you need not worry as here are some mantras for Single Mothers to become Good Financial Planners.
Prefer not to give management of your money to a relative.
Single Indian mothers in Indian families, including the women themselves, possess a mindset that budgeting is the job of a man and even though women have excellent natural instincts for budgeting, they remain refrained from this work and hence give the management to some relative. It is advised not to do so as nobody understands your needs more than your own self and it is the safest way of managing things.
Believe you can manage your money and educate yourself about investing by giving yourself some time.
Give yourself a month and spend time reading or attending lectures on how to make financial plans to successfully run a family single-handedly.
Always invest for long term and have a disciplined approach to savings.
Do not bring any emotions when your are making an investment decision. Be very mindful and steady while making your choices and always give it a thought that whether your choices will reap you benefits in the long run. Have clear financial goals and keep a time limit.
Always remember, real estate and gold should be taken only if required
It is in Indian culture to consider gold as a commodity that labels your lifestyle and status as superior and classy. Do not feed yourself with such inhibitions and make rational decisions.
Never forget that insurance is NOT an investment.
Insurance is not an asset; it is a protection cover for you if there is any occurrence of calamity or an emergency. Do not confuse yourself when the bankers try to flatter you naming countless insurance benefits.
Ashwathi is an enthusiastic traveller and dancer with a passion for movies and music. Hailing from an Army background, she considers herself fortunate enough to have experienced the diverse cultures that India boasts of. She is a graduate in Journalism and Mass Communications and has worked in print, radio and television.