There are probably dozens of parents who have the problem of spending way to much money on a daily basis. Are you one of them? Then this article is definitely for you. Some parents spend money when they are feeling down or upset about something. A lot of the times if you are unhappy with your spouse or angry with your children, then you will probably spend money to cheer yourself up. Or you may just like to shop.
Either by eating or buying yourself something you do not really need. The sad part is that it really does not help you feel any better, and ends up driving you deeper and deeper into debt. The first step to becoming a smart parent with more money is to stop going shopping. Find another outlet instead of eating or buying something. You and your husband should sit down and set up a budget for both of you and then stick too it. All too often parents will make a family budget for everyone to stick to and they usually end up breaking that budget less than a month after starting it.
Another step that you can take is, do not carry cash. Just think about it for a minute if you do not have the cash in your pocket and you are not sure how much you have in the bank you are more likely not to buy. If you have credit cards try leaving them at home, if you do not have them with you then you can not use them. Also try to see exactly where you wasted money is going each month. Once you figure out where the problem is you can decide on how to stop that spending. Some people will suggest that you go to a financial planner, but that really is not necessary.
All it takes is a little commitment from both parents and you can get your finances under control. Before you buy anything that is not a necessity you should first make sure that you have taken care of all the living expenses for the month. Also make sure you have all of the families necessities. Once you have made sure that all this is done, then you can splurge a little as long as it is within your budget. Many financial analyst will tell you that the best way to think is, if you cant buy it with cash then don’t buy it at all.
It definitely requires a lot of discipline on the part of both parents. Especially when it comes to not charging up your credit cards. Did you ever really take the time and look at how much money you spend each month in interest alone? That is probably where most people end up losing their money. Also stay away from those credit cards offers that you get in the mail. They are just a trap, and you will only end up deeper in debt. Besides if you need credit to purchase something that just means you do not have the money, so don’t get it. The sooner you get a grip on where your money is going the better and smarter you will be as parents.