There are so many things in life that hold so much importance and value. Everyone has different priorities, and we all view things differently, so each person will value something differently to the last. One thing we all place a huge amount of importance on, however, is the money in our pockets. Even those that don’t see it as such a big deal still worry about it and work on it every single day. In order to live, we need to have enough money, unfortunately. It would be good if we could all live in a fantasy land where we all got whatever we wanted, but the real world is a little harsher than this little imagined hypothetical. They say money makes the world go round, and whoever ‘they’ are, they’re right.
This is a collaborative post.
Budgeting for a young family is challenging
When you’re single, or you’re in a basic relationship with your partner, money is relatively easy to figure out. You have fewer responsibilities than most people, and you’re just looking to earn some more so you can pay the bills for yourselves. It becomes a lot more distressing and pressing, however, when you start up a family. Yes, starting a family is one of the greatest feelings in the world, but your financial life gets a huge kick up the backside.
You have another little person (or two) to cater for at this stage. Taking care of them is hard and stressful enough, but you also have to make sure the money side of things is healthy. It’s obviously possible to do, but it takes some work – and if you don’t exactly know what to do, then it could be a difficult few years for you.
How to be sensitive with your money
Thankfully, there are things you can do in order to make everything a little easier financially – and a lot of them are pretty easy to understand. When it comes to money, the idea of being smart with it can be pretty daunting. Those that are experts in all things economics, so you may start to feel as though you need a degree in order to be competent with the stuff. That’s not the case, so you shan’t worry. Here are just a few ways you can be a sensible parent as you go through life with a young family:
Create A Budget
One of the smartest things you can do is literally write out what you can and cannot do. When you have a written-down plan, you’re able to follow along better. You have guidelines out in front of you. It’s all well and good having a little idea in your head, but when you put it on a piece of paper or a computer screen, then it becomes more of a real thing. Look at your finances, and decide where to allocate your funds.
Recognize That Saving Is So Very Important Now
As a young whipper-snapper with only yourself (and your partner) to worry about, you may have felt as though the money doesn’t really matter too much, and that you’ll just make some more in the future. When you have a family to deal with, you’ll know that the money gets eaten away very quickly. You’re not able to live the same life nowadays (unless you’re super-wealthy, of course); you have to save a lot more than you spend. Material things don’t matter anymore – you need to spend the money you’re earning on the necessities of life. Sure, you might want to treat yourselves with the surplus you have, but it’s much wiser to stick that stuff away for a while.
Get Your Wills Written
This isn’t something that many people think about, to begin with, but it’s a pretty important topic. You never know what might happen to you today, tomorrow, or next week. If you’re no longer around, then, of course, your family will be impacted heavily. Your estate might also be up for debate. When somebody passes on, the things they leave come into question, are some people feel as though they’re entitled to more than others. If you get a detailed will written and confirmed properly, then your family probably won’t have to deal with a contentious probate solicitor, and your little ones can inherit the things you leave them.
If you’re living in a country that has free healthcare, then you won’t need to worry about health insurance. If you’re not, then health insurance might be a smart idea! The cost of some treatments can be ridiculous, so it would be nice if a large company could cover it for you, huh? Home insurance might also be a smart move – you never know what disasters might strike.
Look To Family And Friends For Childcare
If you’re looking for professional childcare services to look after your little ones, then you’re going to be spending money again. While this might not be an issue, to begin with, it might if you’re going to continue using them. It might sound like a silly idea, but perhaps your friends or family could take the kids off your hands for a while. They’ll probably do it for free every now and again, and that will only help your situation.
Teach Them About It All
Okay, if you have very small children, then they’re not going to care about money. If they do care, then it will probably go in one ear and out the other! If you have children that are of a competent and comprehensive age, then telling them all about money would help them out so much. It would be a blessing for them to learn about the value of money so early on. Many people that learn at an older age tend to struggle with money. If it’s ingrained in them, then they’ll have a head start on most. Obviously, you shouldn’t bombard their little heads with information, but a few tidbits every now and again would be wise.
Work With A Financial Advisor
If you’re simply just not very good with money, or you have no idea what move to make next, then soliciting a financial advisor might be the right call. They’ll be able to look at your situation in depth and point you in the right direction.