Survival
According to the U.S. Census Bureau, 9 percent of children who have two parents are living in poverty but 43 percent in single-mother households are at or below poverty level. Families who are marginally above the poverty line also face challenges because in addition to limited income they do not qualify for government assistance. Many single parent families may be unable to provide the basics. Financial support that helps pay part of the rent, utilities or food bills literally enables survival.
Cash Reserves
One piece of important financial advice is to have savings to fall back on in case of an emergency or loss of employment. But no matter how far they stretch their money, single parents may not be able to devote any percentage of monthly income to savings. A one-time financial gift used to fund the opening of a savings account begins to build this important foundation.
Health
Even if the single parent is able to maintain health insurance premiums, there will be bills to pay in the event of illness or injury. It may be a one-time occurrence that shocks the family with a large bill or there may be ongoing needs for medical attention or therapy for a special needs child. It's heartbreaking for single parents who absolutely understand the importance of health needs but who have to consider choices like "Do I pay the electric bill or pay for physical therapy?" Financial support helps remedy this dilemma.
Life Planning
According to MSN.com, single mothers earn an average of $26,500 a year. No matter how many children she cares for, compared to the Census Bureau's report of the median household income being $50,740, it's clear that financial reality may rule out paying for insurance premiums. Financial support that helps to obtain or maintain payments for life, health or long-term disability insurance can literally be a life-saver.
Financial support can contribute to future earning potential if placed in a college fund. This can serve dual purposes. It can be a future fund for the children to count on or it can be used in the present if the single parent didn't finish college or if they need extra training to switch careers.
Extra Activities
Just like all kids, children in single-parent families have a variety of special acitivites they'd like to pursue. Sometimes lessons are desired to encourage talents such as music or sports. Other lessons are more urgent because tutoring is needed for a child struggling in school. No matter the reason, financial support that enables any type of lesson will be cherished by the family.
It's always last on the list because so many critical financial needs come first, but what could be more precious than financial support that gives the single parent a gift of time? It doesn't matter if it's paying a babysitter for one evening or providing for a family vacation, this type of financial support contributes to overall mental health and wellness.
