Ambareen Musa, Founder and CEO of Souqalmal.com, talks about how single mums can plan finances?
You find yourself suddenly single – realising that while you were a couple, your idea of a financially secure future was looked after by the two of you. If you were both working, then you were probably looking at building a future together, including your retirement plan.
Life throws experiences at you that you do not expect and yes, these are times where you realise how important it is to be financially independent no matter what situation you are in.
Losing a partner through a divorce or death is one of the toughest experiences one can go through. The emotional stress is so intense that the addition of financial stress makes it look like the world has just ended.
But there is no need to panic. The first thing is to look into your emotional stability. Without a calm mind, it will be very hard for you to manage your finances and make rational decisions. There are many things to consider but take it step by step. You do not need to solve it all in one day – it can take you up to a year to get all your paperwork sorted but there are a few things to keep an eye out for that many of us completely forget.
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