As a parent, sometimes it’s difficult to get your family’s financial head above the water especially with the constant demands from children and with the rising costs of living.
For your mental wellbeing, here are some money mantras to fall back on, and which you can share with your children to prevent them from becoming anxious about money.
1. See the smaller details – that’s what matters
The cliche of seeing the bigger picture is easy to say than do especially if you are struggling to make ends meet.
Instead, think of the small, quick wins that will help you such as the small payments that you can make and the small areas that you can cut back on in your budget.
Sometimes seeing the smaller picture is more helpful.
2. I will control what I can
This mantra helps you to focus on areas that you can proactively manage and prioritise the more important things that need to be done. This is useful especially when you are budgeting.
For example, you can control how much you pay for your energy bills by shopping around for a good deal. However, you can’t control how much tax you need to pay so you can put aside a contingency fund incase your bills are higher than expected.
3. Think of the future first
It’s easy to procrastinate and say that you will do something tomorrow. However sometimes this doesn’t work as you may end up spending more on something due to high interest rates, for example.
If you can make a payment today, do it. Don’t opt for the “buy now pay later” deals. Always read the small print.
Also, don’t borrow from one credit card to pay off another.
Think of your choices. If you are struggling financially, you can always contact us and we can help you come up with a solution.
4. Let’s put it on the list
If there is something that you have been thinking of getting and you can’t afford it at the time, add it to your wishlist. When the time is right, review your wishlist and see if you still need it. Perhaps it was going to be an impulse purchase or you managed to get an alternative.
This would also apply if your child asks you to get something for them especially if it’s a trendy item. Instead of saying “No, I can’t afford that right now!” You can say “Let’s put it on the list and we can look at it at a later date.” They may forget that they had requested this and you may save up for something that they really need.
5. Let’s look for an alternative
Here are a couple of examples:
If you are on a budget and would like to do something with your children, ask them to help you make a decision “Why don’t you help dad and I come up with some fun and free activities that we can do together this weekend.”
Also, if a recipe calls for an ingredient that is pricey, look for an alternative when you go shopping.
We hope that the above money mantras help you with managing your money. If you ever need to talk to us if you are struggling financially or just need help with planning your finances, please do get in touch.