There’s nothing quite like raising children. The experience can be filled with tons of joy, laughter, and positive memories. However, you can’t raise children without money. It costs a lot of money to take care of them. It can cost so much that it’s easy to assume that you can’t save as you raise your children. Thankfully, there are plenty of ways to save as you raise your babies. Implement the following tips.
Multiple Streams of Income
If you’re relying on one stream of income to be everything you need, you’re setting yourself up for failure. Even if those streams of income are small, they all add up. Take a look at some of the tasks you can do while your children are playing or sleeping. Become a social media manager, a reseller, or a day trader. As you build your income streams and master the various components, it’ll be easier to make more. As you make more money, you’ll be able to set aside more money in your savings account.
It’s not enough to say you’re going to save money. In fact, it’s most important to create and implement a fool-proof strategy. Set up a savings account that’s separate from your checking account. In fact, set it up a completely different bank like the Credit Union of Denver. When you get a check, use the direct deposit feature to make sure a certain percentage goes straight into your account before you can spend it. If you’d like to spend a certain amount of money from that account, you’d have to drive to the credit union, fill out a deposit slip and get the money. This process is inconvenient, so it makes it easier for you to keep the money in that account and work with your regular budget.
Even though it might be tempting to give your children every single item they ask for, stick to a budget. It’s also okay for you to tell your children no. Budget and plan for the items you’d like to get them. If you already know you’re planning a trip to the zoo, budget for expenses like carousel rides, ice cream, and gifts from the souvenir shop. When you plan ahead and fully understand the beauty of saying no, it’ll be easier to save because you’re looking at the bigger picture.
Ultimately, raising children and saving money have one major thing in common: they both require discipline. It takes discipline to raise children in a specific way so they don’t grow up to be brats. It also requires discipline to save money, stick to a budget and say no to impulse desires. As you master your level of self-discipline and implement these tips, your bank account can grow as your children do.