Natassia Valli takes great pride in being a dedicated mother to her two adorable boys, Qaayam (fondly known as Q) and Areez (lovingly referred to as Ari). Together, they reside in the scenic city of Vancouver, BC. As an enthusiastic mom, Natassia seeks to share her personal journey and experiences with fellow mothers—both its breathtaking beauty and its delightful chaos!
Being a parent poses numerous challenges, and for single parents, those challenges are even more complex. In 2021, I found myself unexpectedly thrust into the role of a single parent to my two boys when my husband tragically passed away. The weight of this responsibility was overwhelming and daunting, especially when it came to managing our finances, planning for the future, and ensuring our children’s education.
Fortunately, Coast Capital stepped in as a true financial partner, guiding me through difficult conversations and helping me turn our family’s present and future goals into a reality. They understood the unique needs of single parents and provided invaluable support during this difficult time, allowing me to focus on what truly mattered—the well-being of my family.
Whether you’re embarking on the journey of single parenthood or have suddenly found yourself in this role like I did, Coast Capital and I want to extend our support and make the transition easier for you. Based on my positive experience with Coast Capital and their team of trusted financial advisors, I’ve compiled three essential insights into effectively managing your finances as a single parent. These insights have been instrumental in my journey, and I hope they can help you as well.
Going back to the basics of money management
To start off, my journey with Coast Capital began by revisiting the fundamentals through their blog section called Managing Money with a Baby. This comprehensive resource delved into various topics, including saving for education, managing childcare expenses, and even finding ways to set aside funds for personal aspirations. It served as an ideal starting point for me to delve into family financial planning and gain valuable knowledge on important subjects to discuss with my financial advisor.
Evaluating your lifestyle and financial habits
Recognizing the need to reassess my financial habits and adapt to a single-income lifestyle for my family, I understood the importance of examining the potential implications of my choices. Whether you’re a new parent navigating the financial impact of parental leave or finding yourself in a similar situation where you must shoulder the sole financial responsibility for your young children, it’s likely that reevaluating your lifestyle habits and priorities would be beneficial.
Coast Capital’s Money Manager tool proved to be an invaluable resource during this process. It provided me with a consolidated view of all my accounts in one convenient location, allowing me to easily monitor my monthly spending and compare it to my overall budget. This enabled me to focus on the essentials for myself and my family while identifying areas of concern where adjustments could be made for a more favorable financial outcome. Additionally, the tool helped me gain a clearer understanding of how and where I could save for important activities and events in our lives, such as travel and my kids’ extracurricular activities.
Setting up an emergency fund
One crucial lesson I gleaned from my experience and my conversations with my Coast Capital financial advisor was the importance of preparing for the unknown. Life is unpredictable, and when you have children, it becomes even more vital to ensure you’re ready for whatever circumstances may arise. Whether it’s the loss of a spouse or another loved one, a career transition, a medical issue, or any other unexpected event, having a solid financial plan to rely on is critical.
Coast Capital guided me in establishing an emergency fund to address these unforeseen moments. This fund should be kept separate but accessible in case of emergencies, and it’s essential to set parameters such as budgeting a specific amount each month and establishing guidelines for accessing the funds. Coast Capital’s High-Interest Savings Account offers the convenience of no monthly fees or minimum balance requirements, and you can easily access your funds through branches, ATMs, online, or by phone.
Regardless of how you found yourself embarking on this new adventure as a single parent, Coast Capital stands ready as a genuine financial partner to help you achieve your family’s goals in the present moment. I strongly recommend Coast Capital!
Switch to Coast Capital and learn what it’s like to have a real partner. Open a Free Chequing, Free Debit and More Account and enjoy no monthly fees, no minimum balance, unlimited day-to-day transactions and more. Open an account today!