You get up each day to earn a paycheck because it makes living much easier. Many Americans live paycheck to paycheck. What’s even worse is that only a handful are saving for a rainy day. Saving money doesn’t have to be depressing. Learn some ways in which you can have fun keeping money in your pocket.
The Responsibilities of Being a Parent
As a parent, you have a lot on your plate. You are the role model in your children’s lives. Your responsible for paying all the bills and trying your best to make sure your kids are well dressed for school. How responsible you are with your money will have an influence on your children. Often you should have conversations with your children about your credit. Not only that but provide proof.
Having good credit and making money go hand and hand. Sometimes people with poor credit can not get certain jobs due to poor credit. And it makes it difficult for the individual in debt to pay off his debts and sustain his current living. It sounds silly but when your credit is ruined, the ability to save money becomes more of a challenge. For this reason, parents need to sit down with their children and prepare them for the real world. Saving money is wise and you should make it apart of your lifestyle.
Saving For Needs and Wants
When saving your income you should have a goal in mind. You should put funds aside for everyday household items you need. Some of these items could be cleaning supplies, food, toiletry, and hair care products. Saving 7% of each paycheck to go towards everyday household items will ease your mind. You should save another 7% from each payday for eating out, going shopping for clothes, and family vacations every year or two.
The percentage you choose to save is entirely up to you. However, the illustration above will help guide you. You could also take advantage of coupons and discounts. Sometimes working as an employee for certain companies qualifies you to shop and receive discounts. A good example is Cabelas employee discounts. When you are a Cabela’s team member, your customers trust your recommendations. That’s why top consumer hunting and fishing brands want to reward retail experts like you with insider access and discounts up to 60% off. You can share your buying advice with others.
It’s a great idea to be specific when saving for family vacations. Do your research and find different family resort locations that might fit your overall budget. From there you could narrow your pick down to choosing one. Never put too much pressure on yourself as a parent. And remember spending money is not the only way to have fun. Sometimes throwing a family cookout and letting your kids invite three of their friends is enough.
Keeping Money In Your Pocket
Keeping money in your pocket relieves tension. It makes you feel like you can handle being a responsible adult. You are ready for unexpected expenses such as a car repair or a dental procedure. One thing that is important to remember is parents should never be content with all of their income coming from a nine to five job. You can make plans with the income you are saving, but if your job gets rid of you, change of plans.
You now have to survive off of all of the money you were saving. Never get comfortable and always challenge yourself to pick up a side hustle. You could start a cleaning business, make money as a YouTuber, start a catering business, or get paid to help the elderly. In regards to your children, parents should also see them as a profitable investment instead of an expense.
Groom your children to be entrepreneurs. If your side hustle is a carpet cleaning business, take your children with you sometimes to train them in the field. Train your kids to be skilled landscapers. Your responsibility as a parent is to show them how to survive in a competitive world if no one would hire them. You are not fully in control until you are financially independent.
The Life of an Adult
As an adult with children, you have a financial obligation to your family. That obligation is everything you have read above. By learning the ins and outs of life, your entire family will thank you later.