Planning your financial future can be super tough when you are a parent. You might be trying to make plans only for them to go completely wrong, or for something to step in and make you rethink the entire plan.
You might be struggling because you don’t have enough money to actually make a plan when you are living paycheck to paycheck, or whatever other reason there is that you are finding this difficult. A lot of the time this leads to parents giving up and not bothering trying to sort their future anymore, but this is only going to end in problems.
In this article, we’re going to be taking a look at some of the things that you can do to plan for your financial future when you are a parent who is struggling to get by. Keep reading if you would like to find out more.

Try To Set Yourself A Budget
The first thing that you are going to need to do is try to sort yourself a budget. Setting the budget itself isn’t actually going to be that difficult, it’s the part where you need to stick to it. To create the budget, you need to sit down and look at your finances.
Make yourself a list of all of the incoming money that you are getting into the household that is to be used for the family, and then make a list of all of the outgoing expenses that you need to pay. This has got to include your rent or your mortgage, any bills that you need to pay, and any consistent payments that you make on a regular basis. You can then take away the outgoing from the incoming, leaving you with the money that you have left over, if there is any at all.
Striking to your budget is important, as this is what is going to get you through those tough times. We know that it’s going to be difficult, especially if you’re not in the financial position that you want to be in, but it’s going to keep you afloat and that’s all that matters. The planning now will pay off later, we promise.
Saving Is Going To Be Helpful
A lot of people don’t have savings because they don’t have enough money to pay everything they need to already. Other people don’t have savings because they blow all of their spare money on the little luxuries in life, and we can see why this is an appealing option.
You work hard for your money and you take care of your kids to the best of your ability, so there is nothing wrong with wanting to give yourself a little treat every now and then. However, if you are not in a position to be purchasing these little treats for yourself, then you’ve got to be strong and use the money more wisely.
Putting it, or at least some of it into savings is going to be the best decision that you ever made. Having savings is important for both you and your kids, because it means that when times get tough, you have a little security blanket to fall back on. If your kids need something and you don’t have the money for it right now, the savings are there to help you out.
If there is a problem in your home but you don’t have the spare cash, at least you have savings. They are going to be there to help you when you need them, and that’s why you really want to try and build this up.

Credit Cards Are Not Your Friend
A lot of people think that the solution to not having enough money is to simply get a credit card and then work out the rest later. This is not the solution. Having a credit card for emergencies is a fine idea, and if you are only using it for emergencies then there is nothing wrong with this, but a lot of the time having a credit card simply encourages people to live beyond their means when really this is the last thing that you should be doing. You are pushing yourself deeper into debt with every purchase that you make on your credit card, making it even harder to manage your finances going forward.
The deeper into debt you get, the more difficult it’s going to be to get yourself into a position where you can pay it off. The last thing that you want is to struggle even more than you are, and now being able to take control of your financial future. Down the line this is going to harm your kids as well, as they are going to learn more money habits at the very least.
Saying No Is Sometimes The Only Option
Sometimes saying no is the only option, even though we know you don’t want to. This goes for both you and your children, because there are going to be times where you simply cannot say yes. For example, if your kid wants something new but you don’t have the money, you can’t just magic it up out of nowhere. Of course, it’s important that you explain to them why they can’t have what they are asking for. Try using phrases like ‘I don’t have the money for this right now, but how about we take a picture for next time?’ and this should help them to get past it a little.
Tightening your belt so that you can get yourself in a better financial situation in the future is going to be massively helpful to you. We know that it’s not going to be the most fun thing in the world, but it’s definitely going to be worth it. Both you and your kids are going to reap the benefits when you are in a more secure position, and that’s all that matters.

Ensure You Have Life Insurance
All parents need to have life insurance, and it’s just as simple as that. If you were to suddenly pass away, the last thing that you would want to do is leave them with nothing. It doesn’t matter how old they are, you need to have a plan in place to set them up, at least for a little while. If your kids are younger, you can put the money into a trust until they turn 18 or 21, depending on what you want to do. But, the life insurance policy needs to be purchased as soon as possible so that you can start paying it.
The younger you are when you start the policy, the less you are going to have to pay. Make sure you shop around a bit and look at the different life insurance options available to you, choosing the one that you think will best set your kids up after you are gone.
You Need A Plan In Place In Case You Pass
Further than life insurance, you need a plan to get everything sorted if you were to pass. The last thing that you want to do is leave your kids drowning, with no money and no way to make it out of the hole that they have found themselves in.
The first thing that you want to do is make sure that you have a will that expressly states your last wishes. Ensure that any money and any property you have is listed in here, and that it is obvious where you want it to go. As well as this, you should try to make plans for your funeral so that the plan and the cost does not fall on your child.
Handle everything from cremation jewelry if this is what you want, to your headstone if this is what you want. If you can get it paid for before you pass, or have at least set up a plan to have it paid for, this is going to be massively helpful to your kids.
If your kids are still younger, then you also need to set up who you want to have your kids in the event of your death, and leave some money behind for the kids if you can. Get your affairs in order, see what you can do, and update your will as your financial situation changes so that it is an accurate reflection of what you own. It’s going to be tough, but you’ve got to do it for the sake of your kids.
We hope that you have found this article helpful, and now see some of the things that you should be doing to plan for your financial future when you are a parent. We understand that this can be super tough, even more so than when you are on your own with only yourself to take care of, but it’s got to be done. The more that you plan now, the better off that you and your kids are going to be in the future. We wish you the very best of luck, and hope that you manage to get yourself sorted as soon as possible.
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- How to teach a child financial literacy
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