Having a family can be extremely expensive ... and it's easy to make mistakes with finances
Having a family can be extremely expensive and once you pay the mortgage, the bills and the weekly food shop there can be very little left in the pot.
Unfortunately though the money woes don’t stop there as your wee ones will need money for clothes, shoes, school bits and extra-curricular activities.
It can be incredibly frustrating and stressful on parents who work hard to earn a living but never seem to have enough cash. Here are a few mistakes all parents make from time to time, and hopefully these realisations will help you in the future.
Wanting your kids to have what others have- Of course as parents we want our nippers to have what their pals have and do not want them to be singled out. However you must be realistic and while Anne might have an iPad and an array of expensive clothing, you do not have the means to bank roll these items for your kids. Let your children know how dear these things are and explain how some parents earn more money and have less outgoings, however you will try your best to let them get these luxuries on special occasions for example a birthday.
Shielding them from the prices of items they want- Rather than sugar coat everything and buy these things for your kids without any explanation of price take a different route. Enlighted them as to the estimated amount of work one would have to do in a job to buy this particular item. Stay silent about money and you risk leaving your children open to the pitches of TV commercials and peer pressure.
Using credit cards for non-essential items- Credit cards can be handy when an expense crops up that you weren’t expecting and it might just see you through till pay day. However using these cards for luxuries and to keep the kiddies happy is inadvisable, you may even find yourself in debt.
Spending money behind your partner’s back- Who hasn’t bought something and said to the kids “don’t tell your Dad/Mam” and is that a positive message to send to our kids? No of course not, you are subsequently teaching your youngsters to be secretive about money issues and that being deceptive will get them what they want. Your kids may even start to resent their Mam/Dad if they think that he/she will cut of their luxuries and can manipulate you to get what they want all the time. Don’t forget kids are smart or as my mother always says: little not stupid!
Pocket money- Pocket money is exactly that a few euros to let them spend as they wish on at the weekend if they have helped at home or after doing well in school. Encourage your kiddies to save it if there is a larger more expensive item they want, resist the urge to wade in and buy it if they are only a tenner short. Teaching them how hard it is to acquire money is vital and a very important life lesson.
Money is something that is never thick on the ground with little ones around but take advantage of special offers, coupons, and alter your lifestyle if you are struggling to keep things afloat. Be honest with you kids and teach them the right way to handle money as in the future this will be easier on you as parents anyway!