According to the statistics, there is a great issue with American families. It’s proved that only 6,800 families in the USA have 3 or more kids. American people reckon that one child in the family is enough. However, this statement can lead to big demographic changes, such as population ageing or cultural assimilation.
The main reason why people decline to continue their line is the cost of raising children. The statistics prove that child’s growing period from the birth to adolescence costs 243 thousand dollars on average. That number is really insane, but if you prepare yourself in advance, everything will be possible. This article will help you to get rid of your financial cons and gain life-blood pieces of advice.
Ask yourself some questions
So, if you dream to become a happy parent, firstly, you should ask yourself important questions. And then you will realize what situation you are in and what should be improved.
1) Do I have a budget?
One of the most important things is definitely a budget. Without managing the money you won’t be a financially stable parent. You should realize that child is dependent on you and it leads to differentiating your money on child’s needs and other necessities. Also, the budget will keep you safe from debt. However, if you happen to be in debt, take emergency cash loans
, because they can be paid off easier and faster.
2) Is my way of living balanced? If you are moving from one country to another or usually have business trips, you should consider being more stable. The child will need constant attention and proper place of living. Moreover, it means that you won’t be as generous to yourself as you were earlier. Thus, you should spend your money on affordable education, health care and other things for your child.
3) Are you ready for unexpected occurrences? Lastly, be sure to get ready for different situations which can occur literally whenever. So, it means that you should think about your and child’s future and various outcomes that may appear.
3 important financial tips for better parenting
If you positively answered the questions above, it is the time to break the boundaries of financial knowledge . You should definitely share some information with your kid about finances because your material status also depends on the child’s actions.
1) Make up a net worth spreadsheet with your child This action will give your child better understanding of what money was spent on. Also, it will teach your kid to manage them in the future.
2) Teach your child some saving tips Saving is a simple process that will keep you away from spontaneous bargains and let you spend saved money in the future as you want or need. So, this also should be fulfilled by your child. For instance, after buying a product and getting the spare change, your child ought to save this money even if it is a few cents.
3) Pay your kid to do chores By giving children money for doing a particular chore, you won’t only receive help but give your kids experience of work. They will try to deal with money and as time passes by they will be ready to be financially independent.
Overall, after reading this article you are capable of everything. Now you know what your best sides for being a parent are and what should be improved. Moreover, if you remember the tips, which were given, you will raise intelligent and financially aware kids.
Being a blogger and a freelance writer Miranda Coal enjoys sharing useful details, effective recommendations, and lifehacks. She often writes about personal finances and other related issues. Personal experience is the primary source of her inspiration.