Raising children is a monumental task, and the financial burden can be huge, especially if you are struggling to pay off payday loan lenders. Careful planning and communication with your kids is key to paying off the payday loan lenders as soon as possible.
Kids are tougher than we usually give them credit for. They can do without unnecessary things as long as you're open and honest with them about why they must go without.
When focusing on your finances, make a budget. Figure out your income and determine how much you have to spend. Look at all the expenses you need to pay and then figure out where the rest of the money needs to go.
Sit down with your kids and show them your budget. If you have some room for adjusting, let them have some input on what the household will be spending money on each month.
Don't feel you need to give in to your kids' desires to keep up with their friends on the latest gadgets, including video games, music players and even cell phones.
If you do feel the need to give cell phones to your children to keep in contact with them, give them prepaid phones and don't allow them the ability to add more minutes to the phones. Explain to them that they only have so many minutes, and they need to be able to have enough minutes to keep in contact with you.
Also, make sure they aren't able to download games or other apps to their phones as well.
If you do want to give your kids music players or video games as presents for birthdays or holidays, consider going with used items or with the previous generation of electronics. These will provide plenty of fun at a fraction of the cost.
Food also is a big cost with kids. Have your kids take their lunches with them to school instead of buying lunch. Also, avoid prepackaged or individualized items. You can save quite a bit of money by getting one large bag of chips or pretzels and then dividing it up into small sealable bags to take in their lunches.
Also, many types of fruit bought fresh are cheap and healthy for kids. They just usually need to be prepared or cut up for lunches or snacks.
Kids can also go through a lot of clothes, either by growing out of them or wearing them out. If your kids grow out of clothes too quickly, buy used clothes at yard sales or thrift stores.
If kids wear out clothes too quickly, stick with new clothes that will wear longer. You can save by allowing them to wear clothes and shoes that are showing signs of wear around your house and yard. This way they can save the new clothes for school and other times when they are out in public.
Just make sure you are continually open and honest with your kids about your financial situation. You may be surprised at how much they can help you save money so you can pay off the payday loan lenders.
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