Being a parent is the most difficult job any of us will ever have and it is one job that you simply must not mess up. You are taking care of and nurturing another human being that needs to grow up into a healthy and happy individual that will have a positive effect on the world. There are so many things that parents need to think about that they often forget about the finances and taking care of the money, which is a mistake. Today, we will be talking about ways in which parents can and should take better care of their money.
Come up with a Money Plan
Improvisation is never a welcome concept when working with money and personal finances especially. Every month, find the time to sit down with a pen and paper and a calculator. Put down all of the family’s income and then formulate a plan for the upcoming 30-day period. Flesh out your regular expenses and always leave some leeway for those unexpected expenses that somehow always happen when you least need them. We feel there is no need to tell you how important it is to stick to this plan. An unplanned shopping spree will make even the best of plans completely pointless.
Cook from Scratch
Families spend way to money on food and the worst thing is that they are spending money unnecessarily. Everyone who has started cooking from scratch will tell you that this is not only much healthier, but also much cheaper. Limit your eating out and ordering takeout. These are unnecessary expenses and they only add up over time. Cooking with your family can also be a great way to bond with your kids.
Forget About Brands
While there are some things that you will want to buy branded, there are just as many, if not even more where brand plays no role whatsoever. Do you really need to spend double the amount of money on baby clothes when your child is going to grow out of them in matter of weeks? Do you really need to buy a fancy cabinet for storing diapers? These are just some of the examples of situations where store brands and no name manufacturers will be perfectly fine.
Sell what you Don’t Need
Once your child is past a certain age, you will be left with heaps of stuff that you will never need again unless you plan on having another child. You can either store these or, if you are a money-savvy parent, you can sell them and make a quick buck. There are plenty of parents like you who are looking for a chance to purchase quality second-hand clothes and other stuff for their kids in order to save some money. It is a win-win situation.
Start a College Fund ASAP
One of the most important parts of parenthood is being able to afford your child proper education. There is nothing more money-savvy than getting that college fund set up as early as possible. Some people do it even before they get a child and while this may be a bit too much, you should definitely start as early as you can. This way you will not be setting aside that much and when the time comes, you will be able to send your child to college.
This is a guest post by Tina Roth, a freelance journalist and finance blogger who is an expert in the areas of personal finance, money management and frugal living tips.
