One of the biggest adjustments when starting a family life is on the financial side. You can no longer spend like you are single with no obligations. Now that you are starting a family especially when you are having kids very soon, you need to be more mindful of your spending and you need to save more and at the same time invest for the future of your family. It may not be an easy adjustment but here are some tips to guide you:
Budget, budget, budget
Are you guilty of spending all your salary once you received it – 1-day millionaire as they say. Well, this can no longer be the case now that you have family to support. You should learn how to budget everything from your monthly expenses to weekly or even daily allowance. You should list down all the expenses like rent, gas, car loan, credit card bills, phone bills and others and then budget your income to cover those expenses. And the main key here is sticking to your budget – strictly no excuses.
Limit your shopping
Most single people love to shop especially during pay day, that’s why traffic is horrible every pay day especially when it falls on a Friday. Well, you can still shop but you must plan it ahead of time. You should buy only what’s necessary like probably baby stuff. You should limit your spending when it comes to expensive things like designer clothes, shoes, bags and gadgets.
Start packing lunch for work
You will be able to save more if you pack lunch for work instead of eating out. Also, packing lunch is healthier compared to eating fast foods meals all the time. While on this topic, you should also start cooking now that you have a family. Dinner at home is the best and cheaper too.
Give up your vices
Now that you have a family, you have all the more reasons to take better care of yourself. You should start giving up vices like smoking and drinking. Quitting these vices will also help you save more. You should avoid going out every night with friends. You can do this once in a while like when there’s special occasion.
Lastly, saving money is not enough, you should start investing too for the future of your family. You can avail educational plan for your children and life insurance too. But most of all, you should consider investing on stocks so your money grows. You can check out some of the best and most reliable stock brokerages in the Philippines that will help you start. You can invest a portion of your monthly salary to buy shares but you should take note that stock investment is for long term. You cannot expect fast outcome instead you are investing for the future.
You should always keep in mind that you are no longer just spending for yourself so you must think hard before you buy something especially splurge on branded stuff. Everything should be calculated now. Follow the tips that we discussed in this post to help you adjust fine.