Streaming issues? Report here
money-show-thumbnailjpg
The Money Show with Bruce Whitfield
18:00 - 20:00
volume_up
volume_mute

Up Next: Tonight with Lester Kiewit
See full line-up
The Money Show with Bruce Whitfield
18:00 - 20:00
Home
arrow_forward
Local

Here's what you need to know about financial planning as a single mother

14 June 2019 1:31 PM
Tags:
Money
Single parenting
finances
single parents
single moms
single mother
Certified financial planner at Core Wealth Kirsty Scully shares her top financial tips for single moms.

Raising a child is a huge responsibility but doing it as a single mother brings in another whole dimension and has challenges of its own.

In order to give your child the best, you need to plan, prioritise and manage your financial well-being.

Statistically speaking, in South Africa, 41% of children live with their mothers only.

Certified financial planner at Core Wealth Kirsty Scully shared her financial tips for single moms with Cape Talk's Sara-Jayne King.

We all know that being a single mum in itself isn’t easy and I think it is the stress of the solo income which is the biggest problem many face.

Kirsty Scully, Certified financial planner - Core Wealth

Scully says those women who know from the outset they will be going it alone need to take extra care.

As soon as it is confirmed that you are pregnant, start saving. Even if it is a small amount, just start somewhere. You will always find a use for this money. Consider even starting to stock up on things like nappies. They cost a fortune, and you will never believe how many you are going to go through.

Kirsty Scully, Certified financial planner - Core Wealth

She says finding out early on what your company's policy is around maternity leave is crucial.

Quite often you will be on a reduced salary, and of course, you will have loads of additional expenses due to the new baby. Some of the life assurance companies allow you to have a break from paying the premiums when you are on maternity leave.

Kirsty Scully, Certified financial planner - Core Wealth

Scully says when it comes to education it's never to early to start putting money away.

Not many people think about tertiary education when they have a tiny little baby, but honestly, the earlier you start to save, the less it will cost.

Kirsty Scully, Certified financial planner - Core Wealth

I personally believe that one should choose a local school which is near your home as that will reduce the transportation costs, and as they get older, school life can be very busy, so it is good to be close to the school.

Kirsty Scully, Certified financial planner - Core Wealth

I really want to encourage all women, whether you are a single parent or not, make sure that you meet with a Certified Financial Planner so that you can get really good advice about your finances,

Kirsty Scully, Certified financial planner - Core Wealth

Listen to the full interview below:


14 June 2019 1:31 PM
Tags:
Money
Single parenting
finances
single parents
single moms
single mother

More from Local

Brain behind banting craze launches new weight-loss programme

19 September 2019 4:53 PM

Real Meal Revolution CEO Jonno Proudfoot has created a brand new programme designed to redefine your relationship with food.

Read More arrow_forward

'He had no regard for the fact I was 12 years old,' Hewitt survivor speaks out

19 September 2019 4:31 PM

Olivia Jasriel was abused by Bob Hewitt and says she has been 'constantly traumatised' by the criminal justice system.

Read More arrow_forward

Former SAA boss Dudu Myeni owes government R200k and could have her assets sold

19 September 2019 4:29 PM

Dudu Myeni's lawyers are trying to reach an agreement with the Department of Justice on how to settle the debt.

Read More arrow_forward

Stem cell donation saves lives and the Sunflower Fund needs your help

19 September 2019 3:27 PM

The Sunflower Fund recruits stem cell donors and gives hope to patients in need. Here's all the info on how to make a difference.

Read More arrow_forward

Why the ACDP is calling for porn ban

19 September 2019 1:36 PM

Member of Parliament Marie Sukers believes pornography is at the heart of objectifying women.

Read More arrow_forward

Grade 6 pupil gunned down outside Katlehong school

19 September 2019 12:55 PM

The child was being collected from Izibuko Primary School after a school trip by her father, who was also fatally shot.

Read More arrow_forward

Rain rolls out ultra-fast 5G internet in parts of Jozi and Tshwane

19 September 2019 12:39 PM

Rain CEO Willem Roos says the coverage will expand to Cape Town, Durban and other major metros from 2020 onwards.

Read More arrow_forward

[WATCH] 'Hugo, bel die polisie!' goes viral

19 September 2019 12:29 PM

A video showing two groups of people in the middle of a vitriolic spat has had Twitter amazed, amused and asking many questions.

Read More arrow_forward

Hundred years of reductive race essentialist research at Stellenbosch University

19 September 2019 12:23 PM

Prof Jonathan Jansen says race essentialist research has been practised at the university for more than a century.

Read More arrow_forward

Winde to appoint 3000 new officers in three-year WC safety plan

19 September 2019 12:05 PM

Premier Alan Winde and MEC Albert Fritz outline the new strategy to tackle crime in the Western Cape.

Read More arrow_forward