Financial Implications of Single Parenting

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Table of Contents

Introduction
Financial Implications of Being a Single Parent
Conclusion
References

Introduction

Being a single parent is challenging work since a parent has to care not only for oneself but for another little person. Therefore, single parenting is a great responsibility as an adult has to raise and teach a child while also providing one with necessities. Overall, a person must simultaneously work to earn money and be a parent to ones kid; it is often tough to maintain a balance between the two, which leads to financial problems.

Financial Implications of Being a Single Parent

To begin with, a parent cant leave for work, considering that one has to feed, entertain, and care for a child. Still, the option of sparing parenthood responsibilities to relatives is not for everyone, so parents stay at home without any steady income (Stack & Meredith, 2017; Murray, 2022; Casey, 2022; Kent, 2022). Additionally, sending a kid to childcare can often be unreasonably expensive, and not every adult can afford such expenditures even by working long hours (Measom, 2022; Longero, 2022; Cohen, 2022; Zoepf, 2019; Maggio, 2017). For instance, in New Zealand, a couple has to spend 37.3% of their income to cover childcare, which means it accumulates 74.6% for a single parent (World Economic Forum, 2022; Kahler, 2022). Naturally, financial problems may occur when providing a child with necessities, such as diapers, clothes, food, and toys.

Conclusion

To sum up, in the modern world, when everything is getting more expensive each day, it is genuinely challenging to manage to be a single parent. The number of financial issues that single parents nowadays face is disturbing, which is understandable as raising and providing for a kid and oneself can be overwhelming. Therefore, single parents may struggle with maintaining the balance between work and parenthood or face financial issues of giving a child necessities.

References

Casey, B. (2022). Rising costs are hitting single-parent households hard. Heres how to bolster family finances. The Globe and Mail. Web.

Cohen, A. J. (2022). A single mom and money coach who paid off $35,000 of debt says most of her clients struggle with the same 4 hurdles. Business Insider. Web.

Kahler, R. (2022). Single parents deserve a hall of fame. Aberdeen News. Web.

Kent, A. H. (2022). Single Mothers Face Difficulties with Slim Financial Cushions. Web.

Longero, L. (2022). Managing Financial Challenges for Single Parents. MoneyGeek.com. Web.

Maggio, J. B. (2017). Overwhelmed: The Life of a Single Mom (2nd ed.). CreateSpace Independent Publishing Platform.

Measom, C. (2022). What Are Some Financial Problems Single Parents Face? Pocketsense. Web.

Murray, J. (2022). Its hard getting money to stretch: Single mothers say they need support. The Guardian. Web.

Stack, R. J., & Meredith, A. (2017). The impact of financial hardship on single parents: An exploration of the journey from social distress to seeking help. Journal of Family and Economic Issues, 39(2), 233242.

World Economic Forum. (2022). These countries have the most expensive childcare. Web.

Zoepf, K. (2019). The Unspeakable Cost of Parenthood. The New York Times. Web.

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Financial Implications of Single Parenting

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