As a parent, you want to do everything to make sure your child is happy. One of the factors within a happy home is money. There’s nothing wonderful about living in poverty. You don’t want your children to have to go hungry or be homeless. The financial stress on families can be incredibly intense. However, with the following four tips, you can reduce financial stress as a busy parent.
See where it’s possible to cut costs
Take a hard look at your budget. Consider the areas where you can cut back. If you’re a busy parent who opts to pick up fast food for dinner every night, it’s time to plan the family meals in advance and get groceries at the store. If your children are currently in expensive private schools, consider downsizing for a temporary time to let them attend the local public school for free.
Spend with creative intentionality
When it is time to spend, get creative with the way you get what you need for yourself and your family. If the kids are growing out of clothes, head to the local thrift store to find great clothing for a fraction of the prices in the department stores. Shop online with cashback widgets in order to make some extra money as you spend. If you already know that you need to get a monthly pedicure, find a salon that provides services and discounted rates or shop around for great deals each month.
Pay off debt quickly
Create a plan to quickly pay off your debt. When debt hangs over your head, this can really compound the financial stress your family feels. If you need to consolidate your debt or find great debt settlement programs, do your research in order to take advantage of the right option to get out of debt quickly.
Find realistic ways to produce more income
Since you’re already busy, you don’t want to launch an endeavor that will require tons of hours on your part. However, if you carve out an hour each day to develop a new income stream, you can really change your family’s finances within the scope of a year. There are many ways to start a small business from home or diversify your income. You could start investing and learning about the stock market, or launch a website development business while using contractors to actually provide the services.
Look into how you can turn your hobbies into a business, and be creative! If you use thirty minutes in the morning and thirty minutes in the evening to explore business opportunities, you will be sure to find a way to expand your income stream.
Recognize that this process will take time. It’s not easy to rebuild and create a financial legacy for your family. However, it is more than possible. With hard work, dedication and these tips, you can reduce and eliminate the financial stress your family experiences.
By Brooke Chaplan
Brooke is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan