Money
is a common issue for parents; even those that earn a good salary can
struggle when it comes to providing for their family. As a parent,
you will want to do all that you can to provide a happy, healthy,
fun, and comfortable lifestyle for your children, but this can
certainly come at a cost each month. As a result, millions of parents
find themselves in difficult financial situations and having to make
tough decisions each month while also struggling to plan
appropriately for the future. With this in mind, here are a few money
tips for parents that will hopefully prove to be useful.
1.
Create A Jam Jar Budget
Having
a budget is the best way to control your spending, and there are lots
of different options to consider, but for parents with a range of
different outgoings, you will find the jam jar budget to be best.
This involves having different areas (jars) where a percentage of
your monthly income automatically goes each month. Typically, this
will include areas like rent/mortgage, food, motoring, savings,
non-essential spending, and any other regular expenses.
2.
Create A Rainy Day Fund
Following
this, parents often slip into financial difficulties when something
unexpected happens, such as a household repair, the car breaking
down, or a job loss (this is very common this year due
to the pandemic).
Without savings to tuck into, people have to borrow money, and this
can be a very slippery slope. This is why it is helpful to divert
some money into savings each month, which can then be used when an
unexpected situation arises.
3.
Cut Your Grocery Bills
Food
is, obviously, an essential expenditure, but it is somewhere that you
can make huge savings with a few simple changes. A few good examples
of ways to save
on your grocery bills
include:
-
Shopping at a cheaper supermarket
-
Buying non-brand goods
-
Making meals from scratch
-
Buying in bulk
-
Growing your own vegetables
4.
Reduce Motoring Costs
Motoring
can be another major expense each month, especially if you are
driving the kids around and traveling to and from work each day.
Again, this is an area where you can make some big savings which can
have a long-term impact on your finances:
-
Walking/cycling where possible
-
Lowering your car insurance
-
Switching to a car with high MPG
-
Switching to an electric vehicle
5.
Speak To Debt Defense Lawyers
Many
parents find themselves in debt in today’s day and age, with credit
card debt being particularly common. Consumer defense lawyers are
worth speaking to as they may be able to resolve your debt,
particularly if you are being harassed by debt collectors, which
could significantly improve your financial situation and alleviate
stress. You can read reviews
for consumer protection and debt related lawsuit help
online to find the best company to work on your behalf.
6.
Earn Money Online
Nowadays,
there are many ways that you can earn money online, which can be a
great way to supplement an income or to earn if you or your partner
is a stay-at-home parent; this can make a huge difference to your
financial situation. There are many options, but a few common ways to
earn online include:
-
Content writing
-
Tutoring/consulting
-
Running an eCommerce store
-
Web design
-
Digital marketing
7.
Educate Your Children On Money Management
Being
intelligent with money is an incredibly useful attribute, yet it is
an area that many people struggle with because it is not taught in
schools. This is why you should educate
your children on money management,
which, hopefully, will allow them to build a comfortable lifestyle
for themselves and stop them from relying on you down the line.
Additionally, it is worth encouraging them to get a part-time job at
a suitable age which can give them their own money and help to
develop many important life skills.
8.
Plan For The Future
You
need to provide a happy, comfortable, and enjoyable lifestyle for
your family now, but you must also plan ahead to the future. This
might include college fees, your living situation when the children
move out, and retirement.
This can be difficult to plan for, but speaking to a financial
advisor is a smart way to find out what steps you can take to achieve
your financial goals and secure a bright future for you and the
family.
Most
parents will worry about money from time to time, but the above tips
should help to improve your financial situation and provide an
enjoyable lifestyle for the whole family.
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