Family friendly finance: The importance of saving as parents

Starting a family is a significant decision and one that comes with serious yet wonderful impacts on your lifestyle. Not only does your lifestyle change, but your financial situation and reliance on employment drastically become more important. No longer are you just providing for yourself or your partner, but for another person too. Financial stability is obviously a massive consideration and milestone for new parents, but why should you also look to be saving where possible?

Emergencies

Emergencies happen in all walks of life and at any time. Saving gives you a little pot of money to help you prepare for these and deal with the consequences, however serious they may be. When you welcome new life into the world, emergencies surrounding things such as your living arrangement or health become all the more significant. Saving in a cash ISA will provide you with a bit of a safety net when you need money urgently and might not have the disposable income to hand.

Financial Security

Following on from emergencies, savings also help to give you as new parents a sense of financial security which can ease anxiety about all things money. Worrying about income is inevitable when you are providing for others, but with savings, you can rest a little more assured that even if you suffer a loss of income for whatever reason – you will have time to figure out a solution while you make use of your savings.

Quality of Life

Financial stability is extremely important for parents to provide their family with a good quality of life. Having enough money to cover basic expenses is the first step in providing the fundamentals for your children – providing a balanced diet, a comfortable home environment and a healthy lifestyle. Getting into the habit of accumulating savings will help you to provide more for your children and therefore give them a better quality of life throughout their childhood and beyond. When they grow up they will probably need school clothing, sports equipment, a car and even funds for university. When you add all these up you will be staggered at how much you may need to save, so get started early.

Set An Example

As kids grow up, they learn and absorb money habits from their parents. Therefore, setting an example is important to help your kids be smart and capable with money when they become adults too. Children that learn the value of money and saving from a young age are more likely to be less reliant on you as they grow up. So being a role model could pay dividends in the long run!

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