If you thought keeping up with the bills was hard, try raising children. It is arguable that parenting may be the single most difficult job you’ll ever have to do, and it doesn’t even have a salary. Handling school, transportation, soccer games, taking them to the doctor, and nursing them when they’re sick entails that a parent has to be a doctor, driver, and possibly a defense lawyer if he/she ends up at the principal’s office. The most important thing that a parent must do, apart from all of this, is to build his/her child’s future and make sure that it is stable. It can be hard understanding how to save money as a parent. That is why we put together a list of five money saving hacks for parents that most people don’t realize could help:
Paying Off Your Debt, While Raising Your Child
Don’t be intimidated by the task of trying to pay off your debt, while you’re taking care of children because it is manageable. The task may seem daunting, but there’s no reason to be stressed.
Breakdown your debt into smaller tasks which you will be able to chip away at every day. Try to find a personal loan that might be able to help you with your debt and do research on the different grants that are out there. Once that’s done, you might be able to get a more generous and forgiving payment plan for the personal loan, rather than the debt itself. Fiona is a good website to search for loans that can help you get out of debt, even if you owe up to $100,000.
Get Rid of Your Car Insurance
One of the most unknown tips to parents on how to save costs when it comes to raising a child comes from car insurance savings. Many people don’t realize the monetary injustices that insurance imposes on people with its high-interest rates and its demanding terms and conditions. One of the best ways to save money to get rid of your car insurance plan in exchange for a better financial package. If it is costing you too much every month, you can set up a backup fund with small monthly payments so that you will be able to afford automobile repairs and maintenance. There’s a service that’ll help you get alternative sources of funding called Gabi. It’s good, safe, and when you sign up, they’ll help you find even more savings.
Don’t Let Your Credit Score Impose on You
Your credit score is a lot of things, but it isn’t everything. It is important to improve your credit score so it doesn’t chain you down from anything that you would like to do, such as finding a rental, buying a home, or getting other forms of financial assistance that you might need. The first step in improving your score is that you have to face the facts, no matter how bitter they might be. Start by checking your credit score on either Credit Karma or Credit Sesame. From there, you can start planning all the necessary improvements.
Give Your Kid 40 Grand for College
College is expensive and the sooner you save, the better. Many people end up having to start saving from the cradle and end up paying it all back till the grave, which is not a life you want your child to live. The best thing for you to do is pursue a 529 plan since it is an investment account that is immune from taxes. It may be a bit of a mess trying to understand everything about 529 plans, but what you can do is use the U-Nest app as a useful tool without having to resort to a financial advisor.
Start Your Own Business
If you have the money and all the necessary skills to set up your own business, you should jump on the opportunity, even if it’s as small as baking cakes at home and selling them to people outside or catering for small private gatherings. The biggest businesses that were ever made had the humblest beginnings and you never know when a simple home-based business can turn into an empire worth billions. It’s happened, and it could happen to you. In the end, you can train your children to have the basic skills of running the business so that they would be able to take over later on.
