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Managing Your New Family On A Tight Budget

Contributed Post

Starting a family is a wonderful adventure that fills your home with love and happiness. But it is also a long term commitment, which might be a source of worry for many parents. Having children affects your lifestyle and more importantly, your budget. As a result, it’s not uncommon for couple to stress about making ends meet when they welcome their first child. As a childless couple, a tight budget means refraining any potentially risky indulgence. But, when you have children, a tight budget doesn’t leave any room for mistakes or any other complications. Parents who are concerned that their budget might be an issue should be reassured. More often than not, discipline and savviness can go a long way.

Most Parents Start Saving Early

Labor and delivery costs are some of the most costly bills in the American healthcare system. Therefore, many parents choose to shop for the best health insurance coverage. In the process, they focus on coverage that keeps their premiums and co-insurance costs as low as possible. Understanding how maternity bills are prepared provides reassurance to many parents. While it doesn’t cancel the financial burden of medical bills, it offers a chance to save ahead of time. It’s not uncommon for parents to speed up financial recovery by saving along the way. For instance, many choose to breastfeed because it is a cheaper alternative to formula. Others prefer to consider bulk purchases for baby formula, as a way of reducing baby-related costs.

Low-Income Families Follow One Golden Rule:  Make The Most Of Every Dollar

Some families can receive additional child benefits that are designed to take some of the financial burdens. Typically, families choose to transfer benefits to a savings account to track their spending and ensure it stretches as far as possible. The main reason budgeting is a great option is that many families understand the importance of protecting their lifestyle by tracking household expenses. 

Everybody Learns Money-Saving Strategies For Everyday

Every mother knows that saving money for your baby is not only a matter of buying cheaper baby gear. There are a ton of money-saving ideas for the household like trading in siblings clothes at a consignment shop for credit for larger clothes for your child and some offer cash for children’s clothes that are well-kept. Other options are finding less expensive service providers for things like cable television or the internet. Research links frugal lifestyle to the arrival of a baby, which would imply that most parents will also teach their children about the value of money.

Money Is Not Everything

Parents who manage on a tight budget often worry about giving their child the best start in life. However, it is fair to mention that money matters don’t affect your parenting skills. Indeed, becoming the best parent you can is as much about being an example for them than giving them room to become their own person. According to psychologists, children are more likely to develop healthy self-esteem as a result of their solid bond with their parents. Many children who succeed later in life often remember their parents who encouraged them.

While a tight budget can make it challenging to start a family, it never makes it impossible. More importantly, children who grow up in a household with a strict budget are more likely to develop a healthy relationship with money, by experiencing how to appropriately manage it.

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Successful Black Parenting is proud to announce that we are bringing our readers more researched-based content written by the members of the American Psychological Association’s (APA) RESilience Initiative, which provides resources to parents and caregivers for promoting the strength, health, and well-being of children and youth of color. We will also feature their members who have contributed articles to Successful Black Parenting on our BackTalk podcast. Learn more about the RESilience Initiative at www.apa.org/res.

THE AMERICAN PSYCHOLOGICAL ASSOCIATION'S (APA) RESilience Initiative