When you have children you become much more aware
of your finances and your future, you have bigger worries associated with the
extra costs involved raising a family and possibly managing on a reduced income
if you had to give up your job or reduce your hours to look after your
children. It’s a little scary when some
papers declare that the
cost of raising a child is £230,000!
It’s an eye opener for sure, but there are ways to bring down the costs.
Make sure you apply for everything you are
entitled to, do your research you might be surprised by just how much help
there is available out there. Benefits
from the government and charitable organisations that can stop you sinking into
debt. Don’t feel like you have to
struggle alone, get advice and take it from there.
Also don’t feel your baby needs to have
everything new either, gratefully accept the kindness of friends and family who
might be able to help out with clothes, toys and books their children have
outgrown. It’s not a competition about
what brand your child is wearing as long as they are comfortable and warm that’s
all that matters.
Don’t forget the library if you want to read a
book, the same for your children, many of them have additional activities on
free of charge. Why spend when you can
enjoy the same for free, look at your lifestyle and see where savings can be
made. My mum was always saying look after the pennies and the pounds will look after themselves.
Get a copy of your bank statement and circle any
non-essential expenditure that you can possibly cut back on. Go through your receipts, see how you can cut back on the food budget.
I have started getting hubbie into the habit
of taking a packed lunch, as over a month it was a considerable cost and the
bank is definitely happier without the added expense! Hopefully by being more aware of your finances your children will
learn by your example and have the skills to budget and save accordingly.
By taking advantage of the help out there and
being more frugal when you first start a family means you might have funds at
your disposal. Rather than spend them
it’s worth squirreling them away for a rainy day or to help achieve your
child’s dream when they get older.
Kentreliance have savings
bonds that give you the security of a set rate of interest.
If your child shows
an interest in an activity or sport its natural you would want to support that,
but training and equipment can be expensive.
It’s a real worry thinking about how you will afford it all, that’s when
having money put aside will be godsend.
I might not be overly concerned if my child doesn’t have the latest trainers or
football kit but I do want them to be able to try out new activities and
experiences without worrying about the cost as I think that does enrich their lives.
I know one parent has signed her child up to Stageschool who knows their dream to act might turn into a reality! My two seem happy enough just coasting along, dipping into different clubs and activities but not finding the one yet that truly inspires them – for now anyway.