Single parents in Virginia and across the country face unique daily challenges when caring for their children, especially following the financial turmoil that is often associated with divorce. An official with one wealth management firm said that even with assistance from child support and alimony, watching one's budget is especially important for a single parent.

While experts say that child support payments are certainly helpful in caring for children, single parents should make plans in case such funds stop coming, said an official with the National Endowment for Financial Education. For instance, a parent could begin contributing more money to a retirement account or emergency fund. Parents receiving child support for should also be ready to relocate if such money accounted for a large portion of their mortgage or rent payments.

The official also recommended that parents pay close to attention their former partner's finances. "An increase in earnings is an opportunity for you to petition the court for an increase in the financial support you're receiving." She also explained that any single parent in Virginia or elsewhere in the United States is legally entitled to receive child support, even if they are unaware of the other parent's location. According to the Department of Agriculture, raising a child in 2010 cost an average of $226,920 making the additional money parents can receive through child support even more important.

Experts also recommend that single parents take advantage of child-care tax deductions, prepare their estate for after their death or incapacitation, save more money and learn how to manage risk. Specifically, one financial planner recommended that parents adopt insurance that includes long-term disability coverage, as it will cover unexpected illness for over 90 days. Another expert recommends the establishment of an emergency fund, which should contain expenses for roughly six to nine months of living, as well as money needed for hospital visits, car repairs and other similar unplanned costs.

Source: Fox Business, "Financial tips for single parents," Andrea Murad, Feb. 27, 2012