Kids are expensive and when you’re trying to budget for a family, saving money can be difficult. But it’s so important that you start putting money aside as soon as possible so you can help your kids in the future. A lot of young adults are struggling financially and more people are turning to their parents for help. You might think that once they get older and leave home, they won’t need your help anymore and you’ll be able to spend all of that extra money on yourself, but that isn’t always the case. These are some of the biggest expenses that you will need to help your kids out with in the future.
Their First Car
Learning to drive is a big step for your kids. It gives them the freedom to go out and do things on their own without always relying on you to be a taxi for them. It’s also one of their first real opportunities to be given a big responsibility. For parents, it’s a terrifying step. It might be a relief that you don’t have to drive them around anymore but you’re going to be worried every time they go out on their own. Once they pass their test, they’re going to want a car and it will probably fall to you to pay for the majority of it. When you’re buying your kids first car, it’s important that you get something reliable that has good safety features, so you will need to spend a bit of money. It’s important that you teach them to look after their own car but if it breaks down, they might need you to lend them some money to get it repaired as well.
University is expensive but you want your kids to have every opportunity available to them. If they want to go into further education in order to pursue a certain career, there is every chance that you will need to help them out. They can get loans to cover their tuition and some of their living costs but a lot of the time, it doesn’t stretch far enough and you will have to contribute some money as well.
Watching your child get married is a proud day for any parent, but it might never happen if they can’t afford it. Once you add up the cost of the venue, the food, wedding bands, dresses, suits, and all of the other small details, the cost of a wedding can quickly spiral out of control. The old tradition of the bride’s father paying for everything doesn’t usually apply but whether your child is the bride or the groom, they will probably need you to help them out a bit.
Their First House
This is probably the biggest thing that your child will need help with. So many people are struggling to put together the money for a house deposit these days and it’s becoming a lot more common for parents to help out. Unless you want them to move back in with you while they save up, you may have to contribute to the deposit.
If you don’t start saving money now, you won’t be financially stable enough to help your kids when they need it in the future.