We all know that being a parent of a family can be difficult. No matter how many kids you have, trying to stay involved in the lives of, and pay for your children can be stressful and difficult.
One of the main things that is difficult about raising and maintaining a family is that families are expensive. Any new mother or father could tell you how expensive and time-consuming babies are.
And as your children grow older, they are still expensive, if not more expensive. You’ll find yourself needing extra money as children become teenagers, they start wanting cell phones, laptops, and the latest fashions in clothing and eventually college tuition.
As a parent, it may seem like you are spending all of your money on your children. None of the money you are earning seems to be going towards yourself.
Save For Retirement Now
Here are a few things you can do in order to improve the state of your family’s finances. The first thing you can do is begin saving for your retirement now.
It may seem difficult, or perhaps even impossible. You’re barely making enough to cover your bills each month and pay your car and house payments!
However, starting to save for retirement now rather than later is always going to be a good idea. The more money you put aside each month, the more money you will earn from your bank through interest.
You may not be able to set aside money for retirement every month. But for the months where you have extra, make a goal to start setting that money aside.
Time is on your side right now, but it won’t always be. That’s why deciding to start saving for retirement is essential right now.
Sometimes parents feel selfish when they use their time, money, and energy saving up for their own retirement. They feel guilty because they think they should be spending that money on their children, rather than themselves.
Although this is an altruistic feeling, keep in mind that you are doing your children a favor by saving for your own retirement. By saving for your own retirement, you save them from having to pay for you in your old age.
You know your children would hopefully never leave you high and dry, but they certainly could be using their money towards their own children and families. Setting aside money for your own retirement now will be beneficial for both you and your children in the long run.
Take Time to Assess Your Finances
Another thing you can do to improve your family’s finances is to have a 10-minute quiet time every day, or a few times a week. Take this time to take a deep breath and relax.
Sometimes we let certain stresses build up in our heads. We worry about them almost constantly; day in and day out, until these worries become much scarier and more threatening than they need to be.
During your 10-minute quiet time, take a moment to reevaluate what state your family finances are in, and what you’re doing to make them stable and healthy. If you’re in panic mode about your finances, take action to get out of panic mode.
Take to whomever you need to talk to. This could include a financial advisor, your spouse, or your parents.
But the only way to stop worrying is to either accept uncertainty about the situation or do your best to fix what problems you can control. Another great way to improve your family’s finances is to do a short, fun project with your kids to help them learn about budgeting and managing money.
Teach Your Kids The Basics
If you have younger kids, you can talk with them about currency and the value of saving money by having them cut out and color dollar bills. You can even glue their faces onto the bills for an extra element of fun.
If you teach your children about money and the importance of saving money often when they are children, these lessons will stay with them for their entire lives. It is likely that you remember quite well what your parents taught you when you were young, and those lessons have stayed with you and have affected how you think about and manage your own money in your adulthood.
One of the most important things parents can do is to make sure their children know that they will love them no matter what. Even if they do not manage their money well, their parents will still love them.
Make sure to instill this attitude of love in your home. This, coupled with education and knowledge, will create a healthy home environment. And as always, remember that getting your family finances on the right track is a process and there there will be months where you come up short. If you find yourself in that situation remember that Check City is there to help you get through those tough times with cash advances, payday loans, or even title loans.