8 Useful Money Tips For Parents

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.