The Financial Equation for Single Parents
Kids are expensive, and that's putting it mildly. According to the U.S. Department of Agriculture, the cost for a middle-income American family to raise a child born in 2009 to age eighteen is about $222,360. (And, no, that doesn't include the cost of college tuition). It's a figure staggering enough to make a double-income couple gulp. But what about single parents? In addition to extra demands on their time and energy, those raising children on their own face unique financial challenges. Ameriprise Financial advisors are available to offer financial planning tips and insights for solo parents.