Having kids can be expensive, but it doesn’t have to be financially challenging. No matter your income levels, there are ways of making sure you can have kids and still live comfortably. With a bit of planning on your part, you can have family of whatever size you dream of.
Consider Lowering Your Monthly Expenses Now
If you want to afford kids, you’ll want to start lowering other expenses as soon as possible. That includes looking for areas in your budget where you can reduce how much you are spending. For example, you might find that instead of paying for a monthly gym membership, you can get enough exercise by walking around the neighborhood and doing home workouts. Or if you don’t use your pool membership much during the summer, you might find you can take the kids to a friend or family member’s pool.
If you have debt, consider paying it off as soon as possible. That’s especially true if you have credit card debt, which often comes with high interest rates. If some of that debt is from school, there are ways of reducing your monthly payments without having to pay it all off. For example, it is easy to refinance existing student loans into new ones with the help of a private lender. You can see your interest rate in two minutes so you can see how much you’ll be paying.
Changing Your Expectations on What Comfortable Living Means
It is very possible to have a family and live comfortably, but it might be time to first reevaluate what comfortable living means to you. If it means throwing big birthday parties and buying your kids the latest toys, consider reevaluating. Kids don’t need fancy experiences and toys to have great childhoods. Instead, they need a loving home environment.
For birthdays, consider having a few of your child’s close friends over for an afternoon or even a sleepover. Or you could even just have a special dinner with the family. Consider decorating with streamers and balloons from the dollar store, and let your child plan the dinner menu. In later years, your child will remember their memories with family and friends more than if they had a big party with a lot of people they didn’t know as well. Gifts also do not need to be expensive. Instead, give your child a few well-thought-out things, even if they come from the local thrift or consignment store. Consider what your child likes and find some items that suit their tastes.
Look for Free Entertainment
You don’t have to take your child to expensive theme parks, movies, and other experiences all the time. These can be fun as a special treat, but there are plenty of free types of entertainment for every day. For instance, you could take the whole family to a local park and have a picnic during the summer. Or you could take up a hobby that gets everyone active, such as biking or hiking. And your local library is a great resource for books, movies, and other entertainment.
