Single families are common in Rwanda mainly because of the unfortunate background of the 1994 Genocide against the Tutsi and the after effects where families were destroyed. Many families are headed by a single parent, something that can be challenging especially in these hard economic times. The children rely solely on you to cater for all their needs. Sometimes, this can be overwhelming if your finances are not in order, or your income is limited. But regardless of how much money you earn, you can provide for yourself and children within reasonable means. These are some critical factors that could guide financial sustainability and eventual independence. Stable income; You need to ensure you have a stable income. It does not matter how much money you make. You should try to meet at least the basic needs of the house and family. If you are employed, stick with your job. You should only move into business when the prospects of the success of a business are assured. Keep aside enough money to last you about six months and have drastically reduced your liabilities. Save; While in employment, allocate a portion of your earnings to savings and emergency funds. These will help you should an emergency arise. When both spouses are present, there is always the option of the other partner, but as a single parent, you have nobody to fall back to. Therefore it is important that you plan yourself, your incomes, expenditures and savings. Live within your means; You have to be careful on how you spend your money and not fall for the whims and tantrums of your children. Live within your means if you are operating on a restricted budget. Do not overreach yourself; It is normal for single parents to want to be everything to their children. This might strain your finances. Buying presents and eating out is ok but only if you have a lot of money. Consider saving for the future if you have an insecure income. Insurance; Insurance plays a crucial role for most single parents. Medical and education policies are strongly recommended. Ensure that you can afford the premiums comfortably. Most of these policies can be upgraded should your finances improve. Do not base your plans and financial projections on a spouse you are yet to meet. Don’t fail to start saving for a child’s education because you hope to be married in the near future upon which the spouse will take up the responsibility. This is a very bad perception of things because your plans might not materialise and you may end up suffering. Be consistent; Let the children have consistency in terms of provision and time spent together. Knowing that mum or dad will provide, eases a considerable amount of stress on the children as they grow and become aware of your status as a single parent. Try to assure your children that things such as food, rent and school fees are covered. You would rather live a standard but assured and consistent life with your children instead of experiencing the highs and lows of living beyond your means. You can always set up a small business to supplement on your income but this needs saving as the amount you have at your disposal will determine the type and size of your side business. The proceeds can take care of recurrent or development expenditure. dedantos2002@yahoo.com
