Financial considerations for single parents

Build an action plan to protect yourself and your loved ones.

Intentional financial planning sets the stage for long-term success regardless of family situation, but for single parents, the work of setting up a comprehensive plan is particularly important. Taking the time to evaluate how to create the future you desire whilst also considering how you’d like to provide for your children will prove worthwhile. Your circumstances may change over time, so revisiting your plan regularly is key.

Building a strong financial plan

Balancing your own financial needs with those of your children can feel overwhelming, but there are practical steps you can take to build confidence and prepare for the future.

1. Set up a workable budget

Experiment with budgeting methods until you find one that suits your lifestyle. Whether you prefer zero‑based budgeting (where every pound has a purpose) or a simpler approach that categorises spending, the most important part is reviewing it regularly and adjusting as life changes.

2. Build your emergency fund

Aim to save enough to cover several months of essential expenses such as rent or mortgage payments, utilities, food and childcare. Even small, consistent contributions can build a helpful safety net over time.

3. Review your health and protection cover

In the UK, the NHS provides comprehensive healthcare, but it’s still worth checking whether you have any workplace benefits or insurance policies that could offer additional support such as income protection, life insurance or critical illness cover. If you co-parent, discuss who holds which policies and whether they provide suitable cover for your children.

4. Explore the support available to you

Depending on your circumstances, you may be able to access things such as child benefits, help with childcare costs, or reductions on certain household bills. Everyone’s situation is different, and these schemes can vary so it can be useful to check what you might be eligible for whenever your circumstances shift. Knowing what’s available can help lighten the load and give you a little more breathing room.

5. Save for your children’s future

As a single parent, putting aside even small amounts when possible can help support your child as they grow. Some parents also look at ways for money to be managed on a child’s behalf until they’re older, which can offer reassurance if you’re planning on your own. The aim is simply to choose an approach that feels realistic and helps you build the future you want for your child.

6. Don’t forget your own future

It’s natural to focus on your children first, but looking after your own future is part of protecting theirs. Making space to think about your long‑term plans helps create stability for you both. If you’d like support, a wealth manager can help you explore what a sustainable plan might look like, at a pace that suits you.

Additional questions to consider

If you’re the single parent of a child under 18, think about:

• What would your child’s living arrangements look like if something happened to you?
• Would they stay with a relative, close friend or their other parent?
• Could they remain in their current school and community?
• Are there any restrictions or guidance you want to place around their inheritance?
• Who would manage their money until they’re old enough to do so?