In addition to ensuring the economic future of your children, it is important to start planning your retirement, to meet this goal it is necessary to organize to save 10% of your monthly income.

Habits such as saving and financial planning can be great allies of single mothers who head families, as well as build a future for their children should also start working for their own future, said the director of Human Capital Skandia’s investment funds, Maria Eugenia Castillo.

In Mexico there are 4.5 million single mothers (single, widowed or divorced), of which 71.8% work, while the third lives in poverty, according to the National Population Council (CONAPO), and for this reason it is important start thinking about how to prepare for a sound financial future, he said.

“The economic risk of single mothers is that they focus all their financial efforts to provide their children with education, health, clothing, housing and entertainment, neglecting a very important aspect of life, that is their retirement,” said the expert.

While the financial priority in these cases is focused on children and supports themselves, if not start a savings plan for retirement, it is possible that in adulthood does not have the money to sustain themselves.

To avoid economic pressure for the children in the future and have a financially peaceful old age, the challenge is to start a savings plan with that objective.

Begins to identify what are the actual vanishing points of money and start a spending plan that goes hand in hand with your financial means and without increasing your debt, said the board of Skandia.

“We have seen that women in general, including single mothers, whose priority is the education of their children and when saving, seeking to have the capital for their children’s college, but not think about how they want their old age,” Castillo explained.

The recommendation to start saving for retirement is to spend at least 10% of your monthly income to meet this financial goal.

To organize your finances so that you can to hold your child and in turn allows you to plan your future, follow the 10 rules for being a single mom and economically stable.

1. Be wise with money management
2. Have clear goals and objectives and be consistent to achieve
3. Avoid buying impulse
4. Make sacrifices to make your financial dreams
5. Make intelligent use of credit card
6. There is no better investment than pay off debt
7. Fully meets your budget
8. Indebtedness only to create a heritage
9. Put your savings to work
10. Diversify your investments

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Financial Planning.
Good financial planning, can be a part of the success itself. The beginning of success begins with good planning. Here is a simple example of how financial planning, which is associated with a distributor of business / trade snacks.

Tell the coming year you plan to distribute 12 tons or 12,000 kg snacks to customers. If divided into 12 months of the estimated 1000 kg per month. If the purchase price is USD 2,000 per kg and you plan to sell at a price of USD 2,500 per kg, while costs such as transport orders, etc. is USD 200,000 per month or USD $ 2,400,000 per year, then the calculation of benefit plans in 2008 after the count and general administrative expenses USD. 600,000, as shown in the following table:

Financial Planning 2008

The calculation in the table above shows that, profit before tax in 2008 amounted to USD 3.000.000, or 10% of the amount of goods sold for USD 30,000,000. We just plan benefits assuming your merchandise, only one type only.

Profit per Type Goods
The problem is how to plan benefits, if there are several types of goods. We assume no merchandise 3 types. Each snack A, B and snack snacks C. In the year 2008 which will come planned to sell snacks a 5000 kg, 4000 kg B snacks and snack C 3000 kg. The purchase price of each snack as follows: A USD $ 1800 Snack, snack B USD 2100 and USD 2200 C snacks. In the year 2008 is planned to sell at the price of each snack A USD 2400, USD 2550 B snacks and snack C USD 2600. Incurred cost of sales was USD 2,400,000 and general and administrative costs USD 600,000, the calculation of benefit plans in 2008 can be seen in the following table:

Benefits Plan 2008

Based on the calculations for each type of snack in the table above, obtained pre-tax profits in 2008 of USD 3.000.000, or 10.0% of the amount of goods sold for USD 30,000,000.

Planning Goods.
When examined more deeply, what is interesting from both the calculation of profit is profit above kind of goods / products are different. Let’s see the following table:

Product Benefits / Snack

It turned out that the highest contribution to profits derived from a snack products for 33.3% while the lowest is the snack C for 18.2%. Knowledge of the size of donations per type of goods benefits plan useful in the days to come. Like donate snack A largest profits, so in the coming year can be pushed sales even more, so that contributions benefit to the greater firm. Conversely C snack products that contribute a small profit may be reduced sales.

What we learned from the two tables above are calculated on the financial planning business operations, while the financial planning on the business of manufacturing or factory, will be more complex and more detailed again.

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