Jakarta, September 26, 2024 - Managing finances can be particularly difficult for single mothers, especially when it comes to securing their children's future.

Certified financial planner OneShildt Financial Planning highlights a few key challenges: the rising cost of education driven by inflation, the unique educational needs for each child, budget allocation, and planning for retirement.

In order to respond to these challenges, Jenius, Bank BTPN’s life finance solution, teamed up with OneShildt to host a financial class titled "Dana Pendidikan Anak Ready, Ibu Pun Jadi Happy."

This financial class, held on September 7, 2024, is part of Jenius' support for the 10th Anniversary of Single Moms Indonesia that took place at the building of the Ministry of Education, Culture, Research, and Technology in Jakarta. This financial class aims to improve financial literacy and education for single mothers, including in preparing children's education funds.

Anita Ekasari, Jenius Business Stream Head at Bank BTPN, stated, "Jenius is thrilled to collaborate once again with the Single Moms Indonesia community, one of our loyal partners.”

“We understand the importance of supporting single moms in planning their finances. We hope to offer insights and strategies needed to build a solid financial foundation, focusing on cash flow management education, as well as tips on saving, investing, and managing loans."

Here are some tips for preparing your child's education fund:

1.  Research Your Child’s Education Options

Education is a child’s fundamental need that requires thoughtful planning and preparation. Therefore, par ents need to gather comprehensive information through research, including details about the curriculum and learning methods applied; school fee structures; commuting time and distance; costs of essential items such as uniforms, books, field trips, accommodation expenses; and initial enrollment fees.

2.  Compromise to Manage Cash Flow for Financial Stability

Effective cash flow management is crucial for single mothers to achieve financial stability, especially in distinguishing between needs and wants. Jenius offers the Moneytory feature that allows users to track 

their income and expenses, providing a clearer picture of users’ financial situations so they can better manage their cash flow. In addition to setting aside a budget for education and daily necessities, parents are advised to also secure health protection for their children through insurance.

In addition, parents may also consider taking out a loan facility as an effective tool for business capital or their children’s education if they manage it responsibly. It’s crucial to keep loan installments under 30% of monthly income. The Jenius Flexi Cash feature offers a convenient solution for single mothers, with easy access, competitive interest rates, and flexible repayment options, all managed directly through the app.

3.  Set Aside Funds for Your Child’s Savings with the Save It Feature from Jenius

Parents also need to set aside income for future plans, especially for children's education costs. Agustina Fitria, Head of Financial Planning at OneShildt, advised, "In preparing savings for a child's future needs, such as education and healthcare, it’s important to keep these funds separate from daily living expenses so that we can be more disciplined in saving.”

“By doing so, single mothers can manage their finances more effectively, ensure essential needs, and avoid using critical funds for non-essential purposes."

Jenius offers the Save It feature, which helps single mothers save more easily and consistently. Here are a few key features of Save It that single mothers can take advantage of:

• Flexi Saver: A savings option that allows single mothers to deposit and withdraw money anytime without penalty, providing the flexibility needed to manage their finances effectively.

• Dream Saver: Automatic savings allow single mothers to set target amounts and timeframes, with automatic debits from their Active Balance on a daily to monthly basis, making it easier to plan finances for specific goals.

• Maxi Saver: A term deposit that offers competitive interest rates, ideal for single mothers who want to maximize the growth of their savings.

4.  Mutual Fund Investments as a Strategy for Your Child’s Future

Another strategic step to preparing education funds is through investment. Jenius offers mutual fund products that enable single mothers to start investing with affordable capital, helping them reach goals like education savings or retirement while enhancing long-term financial security. The Mutual Fund feature in Jenius streamlines the process with simple registration, product selection, transactions, and portfolio monitoring—all accessible through the app.

5.  Building an Emergency Fund to Manage Unforeseen Situations

Preparing an emergency fund is a key step in managing unexpected expenses, such as sudden medical costs or other urgent needs. Jenius provides a practical solution with its savings feature, allowing users to separate their emergency funds from daily expenses while still offering flexible access whenever needed. 

In addition to providing family needs, parents also need to teach children about financial management from an early age to break the chain of financial challenges in the future. Jenius encourages mothers to start financial literacy in simple ways, such as saving pocket money and starting to learn basic investment concepts. With the right education, children can grow into more financially responsible individuals, and will be ready to face economic challenges and achieve their dreams.

Improving financial literacy for single mothers is essential in establishing a solid foundation for their family's financial security, particularly for their children's future. With a clear understanding of budgeting, saving, investing, and managing loans, single mothers can face financial challenges more confidently, make wiser decisions, and ensure a more stable future for themselves and their families.

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