Are you a single parent? Are you a married parent? Either way things are hard for parents to make ends meet these days. Some parents are working 2 or 3 jobs, just to make sure money is there for whatever it’s needed for.
The cost of school tuition is outrageously high! I mean my granddaughter who will be in 1st grade next year goes to a catholic school and the tuition is almost $6000 now! Not to mention activities kids may be interested in during school or summer related.
I have been doing a lot of thinking and I thought it would be helpful to share some tips on budgeting and financing, making your money stretch with some advice from financial planner Jason Vanclef.
Pay your bills every week
You get paid once or twice a week, you have to put money on the side for gas in your car and groceries. Then there are bills, and we can’t forget school field trips and activities. You also need to start a savings for emergencies. The normal for that is about 25% of your paycheck. You really need to focus on paying rent/mortgage, insurance, all the necessity bills (electric, water, gas, phone, internet, car and medical insurance).
I have been doing a lot of thinking about this and I think dedicated bank accounts are a great idea! It’s an account set up to only pay bills, money for certain holidays (Christmas fund), school, etc. If you aren’t that great with budgeting money and separating into different categories, this is a great idea!
Embrace Payment Arrangements
If you can’t pay the full amount of your bill or can’t pay it at all at this time, call the company and ask for a payment arrangement. There is a late fee applied, but it’s small, not more than about $10. Some companies also offer pick a date to pay or levelized billing. Both are worth looking into if that works better for your situation.
I’ve become accustomed to embracing the payment arrangement monthly now. With my husband’s health and not being able to work like he was, I have to call and ask for payment arrangements on a few bills, but it all works out. I can’t tell you how many times I’ve had the customer service reps tell me that they’ve been in the same situation and they do try to help me the most.
Every financial advisor I have ever listened to has said you need at least 3 – 6 months salary saved for an emergency fund. Now I don’t know the 1st thing about doing this. However, when my mother passed away, her inheritance from her cousin, came to my siblings and I. It’s still in probate, but we should be receiving it soon. I have already planned out that I am doing a savings account for my husband and I. I’m setting up a trust fund for my granddaughter to receive when she is 18 for college. I’m also setting up a dedicated account for Christmas and my granddaughter’s school so there will be available funding for whatever my sweetheart needs. These are the things that will set yourself and your kids up to succeed.
Talk to a financial planner
If you are really struggling with making money stretch or if budgeting is too overwhelming for you, you should do a consultation with a financial planner? They can assess your budget and let you know where you can cut the non necessity things you buy, like Starbucks everyday.
Jason Vanclef is committed to seeing parents become a success and raise their children to respect and understand the concept of money.
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I’m a Gramma to a beautiful, funny, smart little girl who was born in July of 2014. She’s the joy of my family and I’m so very proud to be a gramma (an alternate spelling for grandma)! I am a coffee, music, movie and outdoor lover! My family and I love picnics, festivals and concerts. Spending time with my family is the best part of my life. I love my job as well! Blogging and product reviewing has given my family and I a lot and I have also learned a lot and made a lot of friends.