You've got to make the big calls and be accountable, not only to yourself, but to your child. The key is to prioritise your financial planning affairs, minimise your risk areas and seriously look at getting the most out of your "moola". Let's find out how you can take five financial steps that will bulletproof your financial planning and secure a bright, rosy future for your child.

1. Set up a budget and follow it religiously
Your personal cash flow is probably under a little pressure, so you need to be especially prudent with your cash. Pay the fixed monthly expenses first, set yourself an allowance for all the extras, save what's left and avoid the disastrous debt trap. Why, you might ask? Debt is far more dangerous for a single parent than for a couple, simply because you don't have anyone to bail you out when the cash well runs dry.

Sophia, a marketing executive in Gauteng and a single mom, had this to say about debt: "I've always made good money, but I also felt the need to spoil my child. Perhaps because I felt guilty that I wasn't spending enough time with Jason. So, I blew lots of unnecessary cash and I simply wasn't getting by anymore. All the credit cards were maxed out and I never took calls on my cell phone in fear that the bank was calling."

Fortunately Sophia looked at the lifestyle she was leading and made some big changes. She set up a budget, worked out a debt repayment programme and has never looked back.

2. Get medical aid cover and understand the benefits
You simply can't risk not being covered for basic private healthcare needs. Take the time to understand the type of scheme you belong to, as well as the type of cover you enjoy and what limits apply.

Imagine if your baby fell ill and that while she was critically sick in hospital you received a bill amounting to thousands of rand, payable immediately. It's tough to bounce back from a financial setback like that. It can take months, even years and you don't need that type of additional stress while trying to raise your child.

You also need to check up on the rate at which your scheme covers you. If you're covered at medical aid tariffed rates then be prepared to pay in if your gynae or paediatrician charges more than your medical aid has agreed to pay.

3. Cover the risk areas (death, disability)
Nobody wants to talk about dying or getting ill. But the reality is that you need to plan for every eventuality, especially when you're a single parent. Draw up a will and keep it up to date. Make sure that you've given some thought to who will look after your child if you no longer could. Does your nominated guardian have the financial means to support your baby? If not, you need to look at taking out life, disability and dread disease cover to provide a lump sum of money that will guarantee your child the type of lifestyle you'd have wanted for her.

If you belong to a company fund that provides group risk benefits (death, disability), check out your cover. Is it enough? Is it taxed before it gets paid out to you or your beneficiary? If you don't belong to a company fund, get some professional advice and cover yourself adequately.

Covering your personal risk areas is by far the most important area of financial planning for any parent.

4. Stash any spare cash and create an emergency fund
You can't plan every detail of your life, so you need to have a contingency plan in place for emergencies. Create a small emergency fund that is easily accessible and fairly liquid. Save the extra money you have at the end of every month and keep it in your personal cheque account until you have enough to open an investment account.

When you have a reasonable lump sum stashed, find a money market account offering a reasonable interest rate or a low risk unit trust fund and make the bold move of putting it away for a rainy day. By separating this money from your normal transactional account you don't run the risk of dipping into it when you feel the need for a shopping splurge.

You need to ensure that your emergency fund monies are easily accessible and safe from market fluctuations, so look at investment options that are flexible and secure.

5. Plan for future education costs today
We all want the best for our children and a proper education is key. Education costs a lot and starts as early as day care. I know your budget is a little stretched but you have two choices. You either start saving a little now or pay the full price of not saving later. On a single income it's difficult to find the extra money every month, but make an effort to find the cash somewhere in your budget. You'd be pleasantly surprised at how much you can actually save over a five, 10 or even 20 year period.

Look into a contractual savings plan for your child's education planning, but beware of the hidden costs of some products. You might want to look at a more flexible solution like a unit trust portfolio you can contribute to on a monthly basis. With this type of investment plan you can change your contributions when you see fit, which certainly helps when you're the sole breadwinner.