Financial Advice For Parents

Money can be a constant cause of stress as a parent. It can cost a huge amount as a parent to provide a roof over everyone’s head as well as food, heating and learning supplies, especially in the current economic climate. As a parent, you will always want to do everything that you can to provide the best possible life for your kids, but this is not easy, and many are struggling financially right now. Researching and learning about all the financial tips that may be useful for parents, will hopefully provide a few options for you so that your family can be as comfortable as possible. 

Use The 50/30/20 Budget

When you have kids, you will find that your finances can feel completely out of control with so many outgoings. Many find the 50/30/20 budget to be effective in allowing better control over their finances. This involves 50% of income going towards essentials (rent/mortgage, bills and food), 30% towards non-essential spending (days out, clothes and takeouts) and 20% towards debt clearance/savings. You can adjust the percentages, but the key is to divide your income so that you are able to control your spending.

Lower Food Costs

For parents, food can be an enormous cost each month particularly when you have growing kids! There are always ways that you can lower the amount that you are spending on food and even small changes can add up to a fair amount over the course of a year. A few ways to lower your food costs include:

• Cooking meals from scratch
• Fewer oven meals/fast food/ meals out
• Shopping at a cheaper supermarket
• Buying in bulk
• Buying supermarket’s own brand goods
• Limiting luxury purchases
• Grow your own fruit and veg

Reduce Fuel Costs

Driving is another area that can cost a huge amount when you have to be a taxi driver to your kids as well as get around yourself. You should look to reduce your fuel costs by driving less and walking/cycling more or by purchasing an electric car (this would allow you to make huge long-term savings while reducing your environmental impact).

Take Out A Logbook Loan

If you find yourself strapped for cash or you have a sudden unexpected cost to manage, then logbook loans can be a great solution. These are loans that are quick and easy to arrange, and you can get approved even if you have been refused credit before. They work by the loan being secured against your vehicle, but you can continue to use the car during the loan. 

Hopefully, these financial tips will prove to be useful for parents. It can be tough to manage financially as a parent when you have so many outgoings to manage, especially during the current cost of living crisis. There are always steps to take to control your spending and reduce your costs, though, which should make it easier to manage and keep on top of everything.