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Monday, 13 August 2018

5 Financial Tips For Parents


Whether you're a parent of one, two or even six kids, we all know how hard it can be to save money. There's always something we are spending on, whether it's the weekly food shop, household bills, school uniforms, childcare bills and the list goes on. But something most of us to think about is the future. I personally think about the future a lot, I want my future to be somewhat steady with money, and hopefully, when I get to the age of retirement, I won't have to worry too much about money with myself or the kids. 

Here are 5 financial tips that may help you if you're a parent:

1. Budget each week
This might be hard for some people, but it's always good to try and budget each week or when you get your wages. One simple way to do this is by writing everything down. Write a list of things you need for that week/month, with the most important bills at the tops to the least important things going down the list. This will help you know how much money you have left for the rest of the week. But it's also important that you don't spend too much and only pay for what you need. 

2. Save money
Again, similar to budgeting, but making sure you put some money aside each week or each time you get paid can help you save money. For example; if you receive £250 in payments, work out to see if you can afford to keep aside £50 per month or week. Don't save too much where you're going to be skint, but do it reasonably. Having some money aside can help you pay for days outs with the kids, some treats or save up for holidays. Not only that, but it's always good to have some money put aside in a pot or in a savings bank in case of an emergency. 

3. Planning your future
My partner and I are only 26, but we are already thinking about paying into our pensions. It's so important to think of the future, and that's what my partner's parents did when they were planning for their retirement. They found a useful tool on Sunlife and which gave them a few ideas and they found it really helpful. They have worked hard over the years, and it's now their time to relax and be able to afford to do what they want to do now. Every few months they go on holiday and they fully wind down and enjoy their time.


4. Plan your days out
Planning is key to saving money and to be financially stable. As a parent of three, I have noticed that the 'free' days are the best. There are many places to visit that you can spend the day walking, going to the park, the beach or even a walk on the pier or to a free event somewhere. Planning will help you figure out where to go, how much to spend (if you need to spend) and will definitely make your day feel calmer.

* In Collaboration with Sunlife


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