As a parent, you can’t imagine not spending all of your time with your children. Can there be anything better and sweeter than cuddling up ...

The Tragic Money Reality Of Having Children

By February 28, 2020

As a parent, you can’t imagine not spending all of your time with your children. Can there be anything better and sweeter than cuddling up all day with your baby? Every mom and dad will agree with you on this point. 
Unfortunately, having children comes at a cost. Do you remember the adage: time is money? Your time, precisely, is what can help you to build a second source of income for your household. And there goes your dream of spending the whole day with your children! Bye-bye dream, hello harsh reality. 
Making time to make money is one of the impossible equations of parenthood that nobody can solve. On the one hand, you know your role as a parent is to be there for your child. But on the other hand, you can’t afford to ignore financial matters. How do you cope with the need to build a stable income and your desire to be as present as possible as a parent? 

The wakeup call: Last-minute panic
Unexpected invoices are the worst kind! But, unfortunately, they are a frequent occurrence for new parents. Let’s put things that way: you’ve got so much to think about as a new parent that you might, accidentally, forget about your energy bill, your TV package, or your credit card invoice. These things happen. After all, new parents are often exhausted. You get barely more than a couple of hours’ sleep each night, so it’s easy to get forgetful. Therefore, you may not be prepared when an unexpected invoice reaches you. When you forgot to plan for necessary costs, you need to look for solutions that can help you pay the invoice as quickly as possible. For all those last-minute bills, you’ve got no other options than to free up money fast. Savings and family are your best bet. But when you’re on your own with no emergency funds, you need to think outside the box, for example, borrowing money from a company such as Buddy loans, direct guarantor loan lender. As a parent, you’re likely to encounter a lot of these last minute expenses as you figure out the best way to care for your children. Don’t panic; you’re still learning how to get your family budget under control. 

How to make time for your work life
Ideally, you should plan for a stable income rather than rely on same day loans. However, as we’ve said before, accidents happen and there’s a place for payday loans too. But, you shouldn’t rely extensively on these to get by. As a parent, you need to ask yourself an important question very early in your parenting journey, namely, how can you free up time to work? Reaching out to a babysitter is a fantastic solution because it lets you schedule your working hours accordingly while your child boosts their social skills. Ultimately, it’s crucial for your child to meet new people and learn to get comfortable with other adults and children. A babysitter can be the best thing that happens to young children, as they learn how to make new friends. As for you, you can focus on your work with the knowledge that your child is in good hands. It’s a win-win situation for parents who worry about making ends meet. 

What if I want to be around my child?
Not everybody is ready to let go of their children. Perhaps, your expertise enables you to find alternatives to work directly from home. Work-at-home-moms need to juggle between parenting and working responsibilities, which isn’t always easy. But if you prefer to stay with your child, you can find flexible jobs and freelancing opportunities that allow you to be a working mom at home. It’s also a neat solution to boost your household income while reducing commuting and child maintenance costs. 

Preparing a family budget like a pro
When do you know whether a home-based job or an office-based job is the best solution for your household income? Future parents need to manage the uncertainty of building a family from the start. You need a budget. Having children impact on your finances; therefore, you need to make a list of all the costs you will need to tackle. You might even be entitled to receive benefits for your children, which can ease the financial situation. But, more importantly, setting your budget from the start helps to understand not only how much income your household will need but also whether you need to work. 

As a parent, you need to figure out how to tackle recurring and one-off costs. Budgeting for your family can help you decide on the best work approach. Additionally, you can also establish a routine to manage both your work and your parenting time. Finally, accept that you also have to handle last-minute costs from time to time. 

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