Section 2.3 Young Adult and Family Finances 63
in school could have more children. This brings an overlap of the developing
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new spouses.
As family conditions change, financial planning concerns change, too.
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divorced or separated people have added considerations.
Singles and Childless Couples
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may choose to give more to charitable causes. Both groups often feel a greater
responsibility to help their aging parents.
Single-Parent Families
Females lead most single-parent families. Their income is typically less
than that of two-parent families and single-parent families led by males.
Saving and planning for future security is sometimes difficult as these families
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assistance can be very helpful for single-parent families.
Separated and Divorced Individuals
Separated and divorced people face a unique set of financial concerns.
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property settlement costs. The cost of establishing and maintaining a separate
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divorce or separation may require additional furnishings and moving costs.
No matter what your situation will be, it is wise to begin a savings and
investment program early in your adult life to protect against financial risks.
These steps are the foundation of financial security in later life. Savings
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Insurance protects against major disasters. By following these three steps,
you can feel reasonably comfortable with your financial situation.
Working Through Financial Problems
You can often avoid financial trouble by living within your means and
keeping debt under control. This involves taking responsibility for your
life, including your financial choices and decisions. Preparation can help
you weather a crisis situation if it arises. Getting the best education and
job training possible are ways to be prepared. With a good education and
job skills, you are better able to find work and advance on the job. Staying
current in your field through continuing education and training programs
also helps.