The Financial Struggles That Come With Parenthood & How To Deal With Them

As a mum, I know all too well how expensive parenthood can be. When you’re a parent, you’ve got the added responsibility of caring for your child as well as for yourself, which means that you have to ensure that there is always money in the bank.

Obviously, at times this can be a struggle because raising a child doesn’t come cheap. From when you first get pregnant to when your child leaves home at age 18, life will become expensive. Of course, we love our children to the ends of the earth, which makes them more than worth the extra costs. However, we need to find ways to keep costs low, to prevent money becoming an issue.

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To help you to do that, below are some tips and suggestions to keep costs low. Take note, and you can make financial struggles much less likely.

Pregnancy

One of the most expensive parts of motherhood is before your baby has even arrived. This is because during your pregnancy, you have to get all of the items that your new addition will need once they have arrived, as well as maternity clothes for yourself. The most important thing that you can do is only buy what you need. Far too many of us over buy when preparing to have a baby, but it’s silly because half of the stuff we never use. So make sure that before you buy anything, that you ask yourself whether you actually need it. If the answer is yes, then buy it, if it’s a no, then don’t buy it. It’s as simple as that.

Newborn

After having a baby you need to take some time out for yourself so that you are able to rest and recover, and take care of your little one. This means that you will be off of work for a while and won’t be earning as much as usual. The good news is, however, that if you take the time to read Peninsula’s maternity leave guide, you will see that you should be entitled to 39 weeks of paid maternity leave. Meaning that although you won’t be paid as much money as you would normally get, at least you’ll have an income. The most important thing to ensure that you don’t end up struggling financially is that you learn to budget effectively.

Toddler

Once your little one grows up a bit, you will need to return to work. When this time comes, you will need to think about finding childcare for your little one. Childcare can be incredibly expensive, and can sometimes take up the majority of your monthly pay, meaning that it doesn’t seem to make sense to work. However, it’s important to take the time to look at your options, such as what government schemes there are on offer to you to cut child care costs so that you can decide what is best financially. Perhaps to cut costs, you could send your child to a childminder once or twice a week, and the other two or three days you are working you could ask relatives to take care of them? That way you would be saving yourself a lot of money.

So there you have it, a guide to the financial struggles that come with parenthood, or at least, the early years of it. Hopefully, the above tips and advice will help you to make life as a parent that little bit easier and less stressful for yourself.