How to maximize your tight budget as a parent

[Augusta]

When it comes to spending for the family, you need to look for ways to maximize the budget you have so that it can accommodate the basics things the family will need especially for the wellbeing of the children. You don't need to exceed your budget for the month so that you can still save for the rainy day.

So how can you maximize the budget you have and still save effortlessly for tomorrow.

You would need to set aside money you would save for tomorrow. This is very important and only stick to the budget you have fo TIr the month if that's your preferred option.

Find free fun things you can do with the family so that you wouldn't have to spend money on entertainment. Find out fun places in your neighborhood to use especially for the kids.

Try to live a frugal lifestyle, this will help you to cut out a lot of unnecessary purchases. Doing this will help you maximize your budget as you living by your means


You can automate your finances so that you only used up what you had earlier planned. When you do this you would stay out of the debt .

What's your thought?

 

[Ganibade]

Somebody can maximize his burget as a parent, that constitute the habits of increasing their income.
This attitude is very good to train the children to manage any available resources on ground.
By doing this the children will emulate the habit of managing the money and plan for their future, to know what they are going to do to sustain their living standard.
This will make parents to teach their children not only rely on one business or job because of the future challenges.
It is good to assist the children to stand on their own and make their own decision to set a plan for himself for what is going to do for the country, not what country we do for them.
For the children to achieve all these, parents must be able to give a standard backup in term of education and financial back up to make them stand to take care of themselves now and in future.
This will make parents to live comfortably when they reach retirement age.

 

[Shaf]

Managing your finances becomes more complex when you are a parent, that's why I advise young people I know to start developing that habit earlier in life. Children can be expensive but they are definitely worth all the trouble.

Like with all things in finances, proper planning is really helpful. There are needs you can't ignore with children, so proper allocation of money will help you avoid waste. Things like school fees, clothes and feeding are a must, and children like gifts so it's good to think of that too.

One of the best ways to maximize your budget as a parent I've seen is finding simple, cheap but fun ways to connect with and also teach your children. They are not difficult to please so you learn over the how to manage money and still make them happy.

Finding cheaper subsititues is another thing that will help you. If you are now having more children without a corresponding increase in your income, there will come a time when you will need to consider this alternative.

 

[Yusra3]

You're a parent, and you know how it is: there are so many things to buy and so little money to go around. You want to make sure that you're getting good value for your money, but you don't want to spend all of your savings on one or two things. What can you do?

Let's start with the basics: start by making your list! Don't think about what you need. just write down everything that could possibly be considered "must-buys." Then take some time to really consider each item on your list, and ask yourself if they will actually help your family achieve its goals. If not, maybe they aren't worth it.

Next step: look at what you have in storage. If there's something else that could add value like a book or game. consider selling it before buying something new.

Finally: if you really think an item won't help your family reach its goals, then don't buy it! This might mean skipping something fun this summer but in the long run, it will make all of your families' lives better!

 

[Mika]

I am not a parent, therefore, if I start giving tips on how to maximize your tight budget as a parent I might not be right because the things I will be saying will not be something that I have tested myself. However, I can of course share how my parents managed to keep the family afloat even on a tight budget. My father was the only person who earned money and his income would be hardly enough to raise the expenses of a family of 5. However, there were things that they did that helped us live quite comfortably. For example, they taught us the value of saving money and the value of spending money on the right things. Whenever we kids received money as gifts during the festivals, we used to save money and use that money to buy things we liked and this did not cost my parents financially.

 

[Heartstrings]

As a family person,when it comes to finance,it's good to be able to manage, management is important in every home. This is why it is good to have more than one income as a family person,that's if the opportunity is there,it is also good to start planning for this and more right before getting married,so far you know you will still have a family in future,start preparing and saving up for it.

Try to always be on a budget,don't spent unnecessarily on the kids request,there are some things you can still get for them and they will have fun with it. Like someone said up there,teach the children how to save, especially when they are gifts with money. Don't let them spend it unnecessarily buying irrelevant things, while you are looking for money to buy ordinary books. Have a laid down plan,make a budget and you will live comfortably with your family.