How To Improve Your Finances As A Parent

Family Making Breakfast in the Kitchen

Written by: Guest Contributor

Published: Oct 13, 2022

Raising children is expensive. Whether you’re forking out cash to pay for extracurricular classes, or simply trying to keep the fridge stocked enough to match their growing appetites – it’s easy to wish you had a bit more money lying around at this time.

Photo of Woman Teaching His Son While Smiling

Such worries are completely normal for parents across the country – though they are likely intensified at the moment as a consequence of the cost of living crisis. Thankfully, there are various tips and tricks you can use to improve your finances as a parent! 

Consider starting your own business. One way in which you can improve your financial situation as a stay-at-home parent is by becoming a ParentPreneur – i.e., running your own business. This way you can generate your own income, while still spending the majority of your time at home with your children. There are plenty of career choices for you to consider here – from working as a fitness instructor to becoming an online tutor. 

Use downtime as an opportunity to learn. Whenever your kids are busy playing, napping, or are otherwise entertained – try to channel this free time into something productive. While this should include plenty of self-care, it’s also an opportunity to expand your horizons by studying and gaining new qualifications. For example, if you have a deep love of fitness, you could use this time to gain a teaching certification online so that you can later progress on teaching classes such as indoor cycling.  Over time, this will provide you with plenty of money making opportunities. 

Sell things you no longer need. Right now, you’re probably in a home that is packed with items that you no longer need or use. For example, this could include toys that your kids no longer enjoy or clothing they’ve outgrown. Instead of letting them gather dust in your home, sell them online on groups such as Facebook marketplace. This way, you can declutter your home while also earning some extra money. You’ll also be helping out other parents who want to buy new things for their children, but are looking to save some money when doing so. On the same note, you can also buy things you need through these sites, often for a fraction of their original price. 

Put together a budget. Another way in which you can save money is by learning how to budget. This way, you can avoid overspending unnecessarily – as this is something that we often do without realising we are actually doing it. While there are many different budgeting options to choose from, one of the most popular is the 50:20:30 menu. This is a process wherein you allocate 50% of your funds to your needs (rent, utilities, groceries), 30% to wants (dining out, activities), and 20% to your savings. As it is relatively straightforward, it can be particularly useful for those who are new to budgeting as they work to wrap their heads around how it works. You can also ensure you stay on track by downloading budgeting apps to your phone. 

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