According to Brookings Institution statistics, middle-income families with two children will spend over $310,000 raising a child from 2015 until 17 years of age in 2032. Starting a family can be expensive, and many parents and caregivers will make sacrifices to ensure their children have what they need to thrive. While navigating the financial challenges of parenthood is undoubtedly challenging, you may be able to take some of these helpful actions:
Apply for Loans
Car loans for family-friendly vehicles and payday express loans for unexpected costs can be helpful for families unable to cover big expenses due to the high cost of living. Payday loans can be beneficial when facing unexpected one-off costs like car repairs or new appliances.
You may also explore loans when making home upgrades or buying new furniture. Many families can handle regular weekly loan payments better than larger, one-off payments.
Seek Remote Work
Being a new parent can sometimes mean taking time off work to care for your children. While you likely wouldn’t have it any other way, managing the income loss can be challenging. If you have digital skills, consider part-time remote jobs to ease the burden. Completing a few hours of work while your children sleep might provide you with much-needed funds to pay everyday bills.
Rely On Family for Childcare
Childcare in the United States is expensive, with American Progress reporting that families with infants would need to pay $16,000 annually to cover the actual cost of childcare. This is around 21% of a family of three’s median income.
When you’re not in a position to pay over $1,300 per month, you might be able to reduce your childcare-related costs by relying on loved ones for help. Even just a few days of shared care might result in significant financial savings.
Be a Responsible Spender
With more mouths to feed, money doesn’t go as far as it might have done before you had children. However, that doesn’t mean you won’t be able to afford what you need. There are many things you can do to save money and cut costs, such as:
- Creating a meal plan
- Shopping for in-season produce
- Growing your own vegetables
- Not making impulse buys
- Buying used goods
- Selling something before buying something to clear clutter and save money
Enjoy Free Activities
While you might love to take your children to paid attractions like theme parks and zoos and let them participate in extracurricular activities, the costs can stack up. Fortunately, there are plenty of fun activities your family can enjoy that don’t cost anything.
You can explore national parks and museums, visit beaches and rivers, and head to local parks for fun on public playground equipment. Libraries, malls, farmer’s markets, and botanical gardens might also be immersive and exciting environments for your family. Not every family bonding activity has to cost money.
Navigating the financial challenges of parenthood can sometimes be hard, but they can be manageable with time and planning. Be a responsible spender, ask loved ones for help, and be aware of the available lending options to ease your financial stress. Managing your family’s finances might be more straightforward than you think.
Featured image provided by Vitaly Taranov; Unsplash; Thanks!