Most of us plan a budget in order to ensure that we have the ready cash to cope with bills.
This is, of course, a very sensible thing to do!
HOWEVER!!!
Do we factor our children into this budget???
Here are some tips that might help!!!
How much child-care will cost you?
Work out the fees for the child-care centre you have chosen. Do your homework and work outhow much this child-care will cost you per month.
Create a budget of your current expenditure.
Create a list of your expenses – a free service like Mint.com can help – and add up how much you’ve spent in the past year. Don’t just include bills such as electricity, gas, mortgage, phone, food etc. – consider leisure activities, petrol and even gifts!
Find places where you can ‘tighten your belt’.
Ok!! So now is the time to start working out what it is that you can cut back on. Consider:
- Coffee and lunch at work
- Restaurants and eating out
- Clothes – do you really need that new shirt or shoes!
- Groceries – these days it is easy to buy in bulk
- Vacations
- Gifts
- Beauty services
- Technology upgrades – sometimes the old phone does the job!
- Gym membership – walking to the park is free!
There may be less expensive options that can still provide an enjoyable lifestyle.
Remember, however, that it is vital that you don’t cut from essentials! Unexpected things can happen such as illness or job losses and you should ensure that you have enough put away, just in case!
Keep track of what you are spending
Just because you have worked out your budget don’t think that you can be complacent. You need to keep an on-going record of what you are spending. Restaurants, take-away food, entertainment and clothing can take a significantly bigger chunk of your monthly budget than you think!
Know what you earn, what you owe and where your money is going!
Allow for Changes Over Time
Of course you must assume that your salaries will increase over time, but you may also have another child or there may be unexpected expenses, who knows – your first child might be a sporting prodigy and need expensive tennis lessons! Therefore your budget must be constantly reviewed and open to change. In fact, it may turn out to be less expensive to have a nanny than it is to have an infant and preschooler in day care!!!
If you do end up with extra expenses such as swimming, violin or ballet lessons, consider borrowing equipment, instrument or uniforms. Remember to factor your child’s activities and equipment into your annual budget!!
RAISING KIDS IS EXPENSIVE!!!!!!
But remember!!!
Child- care is temporary!!!
Once you get the kids into school life might become a whole lot easier
You might even be able to go back to the gym or upgrade that old phone
