Child support is a vital resource for many parents in Minneapolis and across the entire state of Minnesota. Unfortunately, not all child support obligations are met on a consistent basis, whether that is intentional or not. Although child support orders are determined on the basis of the child’s interests, parents rely on this money.
Failure to receive complete and timely payments doesn’t mean that the custodial parent is going to let the child’s needs fall to the wayside. Parents will figure out how to make ends meet the best way that they can. For many, dipping into cash reserves set aside for emergencies will cause harm in the long-run or may not even be an available option in the present.
According to a recent study by BMO Harris Bank, parents in Minnesota have an average of $6,000 in their emergency savings account — if they have one at all. Expecting parents have even less than that, with only about $3,000 on average in the account. In fact, about one third of parents in the state don’t have enough extra funds set aside to cover an emergency.
The hard data can make it seem like financial irresponsibility, but the truth is that in many situations that simply isn’t the case. When surveyed, parents noted some of the biggest contributors to their financial worries. These included healthcare, an increase in the overall cost of living and the fact that saving money has become a burden that isn’t easily met.
One mom said that she tries to save as much as possible, “but some months you can only set aside twenty dollars, you know. But, you always try.”
Saving becomes ever more difficult when child support obligations are not being met, but custodial parents have enforcement tools available to them. A Minneapolis child custody attorney can help parents utilize those tools effectively to ensure that their child’s needs are met.
Source: Valley News Live, “ Study reveals one third Minnesota parents lack financial emergency savings,” May 28, 2014