Single parents in India face unique challenges. Raising kids in cities like Mumbai on ₹30,000 monthly means tight budgets. In 2025, few resources address their needs. This article shares practical financial planning steps.
Budgeting is critical. Track expenses like school fees (₹5,000) or rent (₹10,000) in a notebook or app like Walnut. Cut non-essentials, like cable TV, to save ₹1,000 monthly. Use savings for emergencies or kids’ education.
Savings add security. Open a Jan Dhan account. Save ₹50 daily by cooking at home. Sukanya Samriddhi Yojana offers 8% interest for daughters, growing ₹12,000 yearly to ₹40,000 in 15 years. Automate transfers to stay disciplined.
Insurance protects families. Pradhan Mantri Suraksha Bima Yojana gives ₹2 lakh accident cover for ₹20 yearly. Health plans on Policybazaar start at ₹5,000 annually for ₹5 lakh coverage. Pay premiums from savings interest.
Taxes matter. Income below ₹7 lakh is tax-free in 2025. Claim deductions for kids’ tuition fees. Free CSC tax camps help file ITRs. Keep expense records for accuracy.
UPI apps like PhonePe simplify childcare payments. Check for zero-fee transactions. Avoid OTP scams. Banks like ICICI offer single-parent-friendly accounts.
Learn from free resources. NRLM’s financial camps cover budgeting. Coursera’s ₹500 courses in Hindi help. SHGs offer community tips for single moms.
Start small. Budget for a week. Save ₹20 daily. Get insurance via CSC. File taxes correctly. Learn one tip weekly. Planning ensures stability for you and your kids. Share ideas with other parents.