If you’re a parent, you know how expensive kids can be. And although you’d like to give them the very best of everything, that probably isn’t possible. In fact, if you’re in a difficult financial situation, finding a way to save money on parenting could alleviate a lot of stress from your life.
Every family is different, and your kids may have needs that others don’t. But regardless of your family’s unique situation, there are some principles that will help you save money on parenting and make financially sound decisions.
If you want to learn how to take great care of your kids — and set them up for a great future — without busting your budget, this article is for you.
But first, I want to tell you about Stress-Free Finance, a free program we have created to help you make sense of your overwhelming financial life. This five-part video series has short, simple lessons to help you solve money problems so you can stop worrying and build a better future.
Here’s a preview of the free video series:
Now, back to the topic at hand:
Today, we’re going to learn five principles that will help you save money on parenting and build a more prosperous future for your family. Let’s dive in.
1) Your duty should drive your decisions.
You have a duty to fulfill, a dream to accomplish and a difference to make. If you’re a parent, your primary duty is to your kids. So as you make spending decisions, keep that duty front and center in your mind. Providing your kids’ basic needs should be your first priority.
2) Your spending should reflect your values.
There are a million voices in our culture telling you how to parent, with lots of opinions on how to spend your money. But most of those people don’t share your values, and they’re probably not pursuing financial freedom. So don’t let peer pressure determine what you buy your kids. Instead, let your values guide you.
3) Your best yes should be a no.
There’s part of you that would love to say yes every time your kids ask for something. But just as you have to tell them no when they want to do something dangerous, you should also learn to say no when they ask for something that’s financially unwise. Saying no to impulsive spending is saying yes to financial freedom.
4) Your presence should outweigh your purchases.
Your kids will want a lot of stuff throughout their lives. But what they really want more than anything is to be with you. You can’t buy your kids all the things they ask for, but you can find ways to give them great experiences without spending much money. These memories will last long after toys and treats are forgotten.
5) Your freedom should shape their future.
Just like the family you grew up in played a huge role in shaping your view of money, the way you raise your kids is going to set the tone for their financial future. They’re watching how you work, how you spend and how you give. If they see you walk in freedom, they’ll want to come along on the journey too.
Raising children will always be expensive. But if you follow these principles, you can save money on parenting and have happy, healthy kids who value their relationships with you. You’ll also launch them into adulthood of financial freedom. And that will serve them well for the rest of their lives.
