Not all parents have high-paying income. Even if you managed to snag a position with great pay and benefits, how you handle your finances can impact your family’s daily life. There is no point in indulging the grandest of things if you don’t have enough savings, are full of debts, and only live from one paycheck to another.
It is crucial that you find ways to save money and increase your savings. This could mean finding another lender who can give you the best mortgage loan rates for your new home or one that can refinance your mortgage with the best terms. This can also mean downsizing your lifestyle so you can start paying off your debts.
Your finances may still be in great shape these days. But there are many reasons you should not be afraid to choose a frugal life.
You Get to Address Your Real Priorities
One good way for you to identify what really matters to you the most is by choosing frugality. When you discern the things you should prioritize, you will have an easier time focusing on you and your family’s needs. You will allot your time and energy to your highest priorities and eliminate the things that distract you from reaching your goals.
With frugality comes planning for the future. You are budgeting your money and saving hard and regularly so you can afford the more important things. This includes your home, your kids’ education, and your family’s other needs.
You won’t waste your resources paying for things your family does not have any real need for. For every unnecessary thing you cut as a loss, you gain something more beautiful and worthwhile. It is only when you start prioritizing your family’s needs will you be able to free yourself from the guilt of wasting money on useless things.
You Get to Teach Your Kids to Embrace Life’s Simple Pleasures
Ask any kid born with a silver spoon if they are truly happy with their enormous house and latest toys and gadgets. Chances are, they have overly busy parents working hard all day and night just to keep up with such a lifestyle. Know that kids need their parents’ presence and that no amount of money or material things can amount to wonderful memories and happiness felt when the family is having fun together.
Being frugal and teaching your kids the importance of spending more on the things you need will teach them that happiness does not always equate to more money. It is about using your money wisely so you can enjoy the simple pleasures life has to offer. This can also mean not having to pay for anything at all just to be happy and feel at peace.
Note that there is nothing wrong with treating your kids and yourself every once in a while. But once your kids expect you to treat them with expensive treats on a daily basis and you willingly oblige, this will slowly become their frequent binge. They will naturally expect more and the thrill of getting those treats will slowly die.
When we teach them about frugality, they will learn how to savor every moment with you. They won’t focus on how expensive your treats are. Rather, they will appreciate every effort you make to make time for them and their satisfaction level will be high each time.
A Thrifty Life Is Also an Eco-friendly Life
When we live a frugal life, we get to reduce our consumption of unnecessary items. We get to reduce our expenses and increase our savings. Being frugal helps lower our carbon footprint as well.
People who live a frugal life are not in a hurry to replace their old things. They make the most out of their every investment by finding ways to reuse or recycle their old belongings. Others even use this as an opportunity to earn money without wasting their old belongings through selling.
Frugal parents take advantage of nature to educate and entertain their kids. Instead of luxurious cruises, they go on road trips, go hiking, and camping. Instead of water parks, they take their family to the local beach.
The more educated kids are about how important nature is, the earlier they will learn how to take care of the environment. This starts at an early age where we teach kids you don’t need to spend much just to enjoy what nature has to offer.
Parents should start teaching kids to live a thrifty life. The cost of living won’t get any cheaper and your expenses will continue to grow. The earlier you instill better personal financial habits to your kids, the easier it will be for them to be more responsible in handling their own finances.