Surviving Financial Hardship When You Have Young Children

38.1% of American households have a debt of some kind and are surviving financial hardship. Surprisingly, the average amount of this is $16,048. While living pay check to pay check may seem like your permanent reality. It is possible to get out of the cycle, even with a young family to provide for. It’s important to understand that it’s okay to say no to your children when they ask for the latest toy or gadget and gently explain to them the value of money. Ultimately, paying your bills and having money for groceries should be your priority.

Explain the Situation to Your Kids

Explain to your children in an age appropriate way so that they understand that when you say they can’t have something, it’s not because they haven’t been good or because you don’t want to get it for them. This can be really difficult as a parent, but your child will learn an important lesson about the value of money.

Involve them in your finances, such as saying, “We can spend x amount when we go to the shops today,” and ask them to help you stick to that without making it something that they’ll worry about.

Take Control of Your Budget

Be realistic about your budget. Write down all incoming money you have each month and all outgoings. With the money leftover, budget how much you’re going to allocate for groceries, fuel, clothes for your ever-growing children and everything else that can crop up. This makes it easy to see how much you have leftover at the end of each month and if you need to up your incomings to cover everything.

Budgeting will help you to take control, managing your finances and potentially saving you from getting into debt, which can be life-changing, depending on where you live. For example, in some countries, such as Malaysia, being bankrupt means you can’t leave the country or run a business, which can mean having to completely re-evaluate your life.

Surviving financial hardship? Find Flexible Work

Once you’ve budgeted and cut back everywhere you can, you may find that you simply don’t have enough money to cover the cost of everything. Trying to balance family life with working can make it tough to boost your income, but there are ways it can be done without interrupting the time you spend with your kids and partner. 

Working from home suits a lot of parents, and there are lots of different jobs you can do. If you’re passionate about a hobby, turn it into an income, such as baking and selling cakes, making crafts or soaps and selling them, blogging or writing. There are many flexible employers that will let you work from home the majority of the time too.

It is possible to get through financial hardship, even when you’re supporting and providing for young children. Managing your money down to every last cent can help to gain back control, pay back debts and save up, giving you financial security.

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