Becoming a parent is incredibly expensive. You need to think about clothing, food, and toys for your little one. What makes it even more difficult is if you are a young parent. Being in your 20s can be financially frustrating. Adding in all of the responsibilities of being a parent makes it so much more difficult.
Young adults are in so many different places in their lives. Some young adults have a college degree. Other young adults may have decided to start working right out of high school. There are young adult parents who fit both of these categories. So how do you take care of your child if you are busy thinking about how to take care of yourself?
We’ll cover several ways to make this transition easier. It shouldn’t matter whether you are a single parent, if your own parents are helping you, or what your level of education is. Every young parent needs some sort of financial advice. We’ll also discuss ways to keep your kid safe while also having enough money to give them a fun childhood.
Think About Car Safety
Car seat laws are important to know about when you have young kids, no matter what age the parents are. When it comes to protecting your children when they are riding in the car, expenses become secondary to safety. You need to think about how to keep your kids safe at all costs.
The most important thing you can do when shopping for a seat is to make sure the device fits your child’s needs. Not every kid is on the same development track. Some kids will be bigger than others. Don’t base your kid’s needs on what other parents are doing, but remember that every seat has to follow legal guidelines.
Have Fun and Games
It is very important to stimulate your child’s mental development by encouraging them to play and have fun. Social skills, creativity, and cooperation are all learned through playing games with friends as a kid. Unfortunately, many young parents may worry they don’t have the money to entertain their children. Free time for kids doesn’t have to be so expensive.
Sure, video games are pricey. So are smartphones, and it seems even toddlers love playing with apps on their parents’ devices. But there are certain types of fun and games that are ageless. You should think about how to have fun with your kids with limited screen time and supplies.
Go out in the backyard and run around with your child. Kids love pretending to be characters they’ve seen on TV or in movies. It doesn’t cost any money to pretend-play with your kids or encourage them to do it with their friends.
Boys and girls alike still love action figures and dolls. You can find some very affordable toys to buy for them on a budget if you search bargain stores. Even Walmart will offer good deals on toys that are based on characters your kids love. You’d be surprised how little your kid needs. They are able to stretch one toy or object into hours of fun.
Alternatives to Daycare
Young people are extremely busy. Some are going to school, and others are going to work. Many have to juggle both of these responsibilities. If at all possible, young parents should try to find alternatives for day care or child care.
This is such an expensive way for someone to look after your kids while you are away. A benefit of being a young parent is that your own parents are young and energetic enough to care for their grandchildren. Grandparents often want to feel as involved as possible. They are probably just nearing retirement age in their 50s.
With a gaping hole in grandparents’ lives ready to be filled, taking care of little ones while you are at work is a joyous experience.
If you don’t have parents who are willing to help, or they can’t help because of other reasons, see if you have a friend or other relative that is able. Uncles, aunts, cousins, and other family members often don’t get to see you or your children except during holidays. They might be willing to help out if they live close by and their schedule allows it.
This form of child care is the key to saving you thousands of dollars in the long run. As a young parent, it removes a huge amount of stress that is usually associated with finding affordable day care.
Planning for College
Many young parents may also be stressed out when it comes to figuring out a college fund for their child. It isn’t easy to find the money for something that isn’t going to happen for nearly two decades. Still, it should at least be considered how you are going to help your child with their future.
Try taking even a few dollars every month and putting it in a savings fund such as a 529 plan. Even $20 monthly would create a few thousand dollars by the time the child is of age. This could help put them through college.
As your kids get older, some of their expenses become cheaper. Not as many clothes are bought. Toys are reduced dramatically. Teens may even get their own jobs to help contribute to their needs, such as auto insurance for younger drivers.
Once this occurs, you have the opportunity to start thinking more closely about saving for your kids’ college education.
Giving Kids an Allowance
Many kids want an allowance. You’ll have to figure out what type of schedule for giving them money is best for your family. Think about what types of things they want to buy with their allowance and adjust the money accordingly. Don’t let them take advantage of your allowance.
Not every young parent has the money to give their child $100 for a monthly allowance. It’s still important to teach them how to be good with money.
You could help teach your kids more responsibility by having them help around the house and get rewarded with money. Doing simple chores is a way for them to learn they are a part of your household, and it saves you time.
There are a variety of ways to save a little bit of cash as a young parent. The most important things to remember are to keep your child safe and let them have fun. Lean on your parents and other relatives. And remember that as your kids get older, you will also get more mature with them.
Other job opportunities will come in your future as you advance your career. This will help to ease the financial burden of being a parent.
Shawn Laib writes and researches for the auto insurance comparison site, AutoInsurance.org. He wants to help young families understand the things they can do to save some money.
