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Raising a kid is quite the challenge especially when you’re doing it alone. As a single parent, managing your finances is important since you don’t have anyone to rely on, financially, but yourself. Want to know how you can better manage your money? Here are three ways.
Being a parent is challenging enough, so just imagine how doubly hard it is for all those single parents out there. They must play dual roles and put on multiple hats so they can fulfill the needs of their children. Apart from the basics of child-rearing, however, another challenge that single parents must take on is that of handling their finances.
A two-parent household is at an obvious advantage because there are two adults who can help each other out with the budgeting. For a single-parent household, however, the responsibility falls squarely on the shoulders of one parent. It’s not all doom and gloom, though, because as many other single parents have proven over the years, managing finances for a single-person household is feasible and highly manageable. Here are some tips to better handle and manage the family finances if you’re a single parent.
The key to having a manageable budget is setting your priorities straight. Identify what are the big-ticket items that must be taken care of on a more regular basis, such as diapers for the baby and stocks of food for the household. Utilities, medical care, and other personal expenses must also be taken into account.
Once you have a clear picture of the expenses you are likely to incur every month, it becomes easier for you to adjust your spending and savings accordingly. Just remember to set aside some for family fun, too. Apart from saving up for their educational plan, set some money aside for lessons they might want to take or sports they want to try.
Complement your budget with good bookkeeping. It’s going to be tedious, but if you do it regularly and consistently (daily or weekly, it’s really up to you), it should get easier to update over time. Take note of your credit card bills, car loans if there are any, mortgage payments, and outstanding debts.
By having everything accounted for, you can better anticipate the adjustments you’ll need to make in your budget if needed. It may be daunting at first, but there are easy-to-use financial management apps you can try to keep everything accounted for and organized. You should be able to get the hang of it enough with practice.
Now that you have kids of your own and are taking care of them by yourself, it’s important to make sure that you get financial protection. An insurance plan can help you ease your worries about you and your children’s future. Look at your monthly income and see where you can make adjustments in your budget so you can allot some for monthly insurance premiums. If you do your budgeting and bookkeeping well, this should come easy for you.
There are plenty of available cost-friendly insurance plans out there today, such as FWD’s Set for Life. Simple insurance plans like this are good to have, especially for single parents, because it only requires a low minimum annual premium. The best part about it is that it’s also an investment of sorts, so in effect, you’re not only securing your future by saving, but also setting up to grow your funds. Eventually, you can further maximize your plan by getting add-ons or by topping up the premiums to your plan for even better protection and flexibility.