By Maan D’asis Pamaran
Parenting is hard enough, but imagine having to do it on your own. While in traditional families, there are two people who can work together to raise their children, there are those who, for one reason or another, have to do double duty as breadwinner and primary caregiver of the family.
The good news is that attitudes have changed through the years and the stigma that was previously attached to being a single parent is largely gone. In its place is empowerment, from government initiatives such as the Solo Parents Welfare Act, which was passed in 2000 to offer benefits such as parental leaves, educational and housing benefits, and medical assistance. What is also important is that the law protects single parents from discrimination in the workplace.
This is currently being expanded in the Senate to include more benefits including a P1,000 allowance for solo parents earning minimum wage, additional educational benefits and PhilHealth coverage for medical expenses. While this is being put into place, apply for a Solo Parent ID so that you can start getting the benefits that are already available.
Even with this societal shift in place, being a single parent is still very challenging. You will, as many other parents do, second-guess yourself if you are doing the right thing. Then again, there isn’t just one path to proper parenting. As long as your children grow up happy, and bring with them good memories into their adulthood, you’ve done your job well.
Here are some tips that may help you on your solo parenting journey.
As a single parent, you also have to plan ahead for future needs such as healthcare, as getting sick and hospitalized can place an additional burden on your family finances. It is always important to have some savings tucked away for emergencies, and an investment plan that can cover your needs in the future.
To protect your family’s health and wellbeing, check out FWD Life Insurance’s Health Bundle. This plan consists of a VUL base plan of either Set for Life or Manifest with LifePro and SurePro for owner or insured. Because when it comes to your health, it’s crucial to have all your bases covered. This covers you should there be any health risk while building your financial health too.
Creating your financial plan? Book a free consultation with our financial advisors today.