The period in which divorce has become common in everyday life. When a couple's life must be abandoned and lacking a life partner to share everything. Of course, the financial plan will inevitably change accordingly. Or sometimes we spend a good life together, the other side came to say goodbye to the world first. The other party must become widowed by accident. Causing one to have to adjust the financial plans as well.

• Organize savings by cost burden whether personal and family considered as an expenditure that not little must look after. Therefore, if compared with the average person Single parents must save more. Less risk and must plan to spend money tightly. Recommend starting from saving money as an emergency reserve liquidity That should have at least 6 times the monthly cost. Arranged as the first piece that must be collected in case of an unexpected accident, sick child, car lost, unemployed, these savings will help to give you peace of mind. Can pass through a busy day. The second part that must be divided into savings is money for the education of the baby. Because tuition fees now Not just tuition fees, tuition fees, special tuition fees, activity fees, camping fees the other miscellaneous thing is to be thought of as well.
  
  
• Manage risks with insurance. May start with whole life insurance. If the single parent is gone will have an inheritance for children. As well as a lump sum money to pay off the last debt. This type of insurance has advantages. Cheaper insurance premiums which are suitable for one who has small children and has high expenses while incomes are not high. In addition, it is advisable to purchase additional contracts to cover serious diseases and accidents. And if there is additional income from work should be insured for further child education.

• Collect money for children's education, It is recommended to plan for saving two parts. The first part is an education in primary school. This part is to gradually collect money. Give a lump sum for education Which may choose to deposit in fixed deposits or invest in money market funds. For high-year long-term studies, keep two sections. Part of the savings is in a mixed fund to be used as alimony expenses. The second part is buying insurance with savings plus insurance coverage for your child's education, maybe a cumulative insurance or unit link type. In which the difference is cumulative insurance, it will clearly specify the compensation that the insured will receive (Guaranteed return Although returns are relatively low, averaging about 2% per year). The compensation from unit link life insurance will not guarantee the return. It depends on the securities chosen to invest.
  
  
• Don't forget to plan for retirement. Do not expect that retirement will depend on children. Must admit that with changing social conditions in the future, taking care of yourself may be necessary according to economic conditions. Children may need to raise themselves first. If we have a good retirement plan will not be a burden for future generations. Retirement portfolios Suggest that future wealth should be considered low risk as to the core. Therefore, the characteristics of investment portfolios should belong. Which must also consider tax benefits such as investing in RMF mutual funds, SSF mutual funds, pension life insurance, and provident funds. Which should consider choosing investment policies that are suitable for yourselves. Importantly, if wanting a comfortable life after retirement, retirement plans must start saving soon. To have a longer investment period.

• Invest appropriately, Once the income budget has been allocated to our spending Will see that there is some money that must be reserved for the short-term and long-term necessities. Which this money was not necessary at that time. However, some people can't help but spend it. A good way to create good savings is to invest it in the long-term in order to yield dividends. And preventing the sump from being used before a reasonable time, what to invest depends on your understanding of investment. And the ability to accept the risks of each person as well. For example, if wanting to invest long-term to save money for children or when retiring for oneself. Some single parents may invest in buying gold or buying stock dividends or property funds that have a regular income. And at the same time creating opportunities for increasing profits from the price of those shares or assets. But some people who have a small amount of savings and don't understand very complex investments May choose to invest easily that you can see. Such as the GSB lottery or the BAAC savings lottery, which is stable from the interest received regularly and may have the opportunity to win additional money from being won.

In short, being a single parent has the advantage of being able to achieve financial planning objectives. Since those single parents have absolute authority in management, allocate savings, and allocate expenses by oneself. Which, if living with a partner, may have other additional fees due to increased family members. Our partners have different financial planning perspectives causing the financial planning goals or objectives to be flexible and not achieving the financial goals. But the disadvantage is the single parent must have more burden. Compared to normal life especially in the matter of earning money to support the family. Therefore, making single-parent parents pay special attention to financial planning

By Nipapun Poonsateansup CFP®, ACC

Independent financial planners, writers and speakers