This is a collaborative post: Being a parent is financially stressful. There really is no way around it unless you have stacks of money just waiting for you to spend it. This isn’t the case for most people though, so it’s more than likely that you are going to face some huge stresses when it comes to parenting on the financial side of things. As if things weren’t already difficult trying to manage everything at the same time, now you get to stress about money too. Yay! We know that this is hard, which is why we have come up with some tips to help you get though. In this article, we’re going to be taking a look at some of the tips that we have come up with to help with the financial stresses of parenthood. Keep reading down below if you would like to find out more.
The Word ‘No’ Is Very Helpful
We know that you probably don’t like to say it, but the word no can be extremely helpful. It means that you don’t have to worry about a buying things all the time, and you don’t have to stress about how you are going to get the money for certain things that nobody really needs. If it’s something that someone in your family does need, this is a completely different matter, but when it is just something that they want, you need to learn to say no.
As parents, we are always hoping to be able to give our kids everything that they want, but the reality of the situation is that you can’t do this all the time. It simply isn’t possible. You need to learn to say no and mean it, rather than caving and attempting to find the money another way. You have got to stop putting yourself through the ringer for things that aren’t going to get used anyway, or will be forgotten about after a week.
Saving Is Key
Saving is key when you are a parent. If you can save, do. If you have some extra change, but it in a jar. If you have some extra money at the end of each week or each month, put it in a separate bank account for your savings. Make sure that you are doing this as often as you can because no matter what anyone says, kids are expensive and you need savings if you want to survive without even more stress. For example, what happens when your kids go to school and start at 8:45am but you need to be at work for 8am? Simple answer is breakfast club, but this is expensive. You need to have the money to be able to pay for it where you can and saving through the months is your best options. The same goes for things like afterschool club.
Then you have trips to pay for, this one broke their shoes, this one needs new shirts and the list never ends. Saving is the key to being able to afford all of this, and sometimes it still isn’t enough. You need to learn to prioritise and save at the same time. Not easy, but doable.
Live Within Your Budget
Have you sorted out a budget for your home? If the answer is no, then you should be doing this as soon as possible because it’s important. A budget shows you where all your money is going so that you know everything has been paid. It also shows you how much money you are going to have left to either go into savings, or to purchase some of the things that you need. It’s not hard to sort out a budget, all it takes is about half an hour of your time. But, sticking to it is the hard part because unexpected expenses are hard to avois. They will always happen, and it will always be at a time where you don’t have any money. It’s an nightmare, but it’s not the worst thing in the world.
To set up a budget, you need a list of all the money that comes into your household, and all the money that goes out. Take away the money that goes out from the money that comes in, and make sure there is enough to cover everything. If there isn’t, we recommend that you either try to work more hours to get more money, even though this is going to be tough, or you call the companies and try to set up a payment plan with them. They are much more amenable to these kinds of thing if you are the one instigating them, so keep that in mind.
Work Out What You Need In Advance
When you know what you need in advance, you know exactly what you are going to be saving for, and this makes the world of difference. Think about things in terms of the future, and you will always be one step ahead. For example, let’s say it’s July and you know the kids go back to school in September. Start working out what they are going to need and how much it is going to cost you. Come to a total number, and then start getting things as you can. Of course, things like trousers you are going to need to be careful with in case your child decides that they are going to have a growth spurt right after you have just paid for new things, but shoes should be okay, even if just for a little while.
Or, if you know that there are some unusual bills that you need to pay coming up, work out how much they are going to total and when it’s due. Then, you can start working out how you are going to afford to pay them. It makes your life easier as you don’t have to stress.
Shop Around For Everything
A piece of advice that we are going to give for everyone, not just parents, is that you should be shopping around for everything. When it comes to making a purchase, you need to make sure that you have looked everywhere and found the best deal. For example, if you are going to be purchasing a mobile phone contract, you need to have looked through all of the options that the networks are offering. Mobile network comparison websites exist for this exact purpose, and it’s important to make use of them.
The same thing goes for birthday and Christmas presents too. If you can get the same thing, at the same quality a little cheaper on a different store, you should. There is no reason to pay a more expensive price when it’s the exact same thing. And, you aren’t even going to know that there’s a better deal out there unless you take the time to shop around.
It Doesn’t Need To Be Branded
Try to keep in mind when you are buying things that they don’t need to be branded. There is absolutely no reason that one pair of shoes is better than another just because of the person who designed them. Of course, we understand that if the shoes are far superior in looks and comfort you should go with those ones, regardless of who designed them. Not everything that you buy needs to be made by a top brand. We understand the appeal, and we’re not saying that you should never buy designer things or branded things, but it’s not necessary all the time, especially when you are struggling financially.
The Kids Needs Come First
The kids needs come before your wants. We’re not saying that you haven’t been doing this since you have had kids, we’re sure you have. But, there are some people who seem to need reminding that you wanting your hair done does not come over your kids needing new shoes because the ones they have have holes in them. Of course, if your kids want something and you need something, then the opposite is true.
Try to understand that your kids don’t know the value of money, and will always be asking for something else. Don’t take it personally, and try not too get too frustrated, one day they will understand. You were likely the same when you were younger, whether you want to admit it or not. The kids should always be your main priority, and that is something that you need to remember always.
We hope that you have found this article helpful, and now see some of the tips that we have to help you cope with being a parent financially. It’s a difficult time for everyone involved, and you need to make sure that you are doing everything possible to help yourself. If you are someone who just wants to spend, spend, spend, then you need to try your best to curb this habit before it lands you in more trouble. We wish you the very best of luck.