Presents Or Poverty... What's The Best Way To Save Money When You're A Poor Parent?

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It's common knowledge that having a kid is the best way to drain your finances quickly, but when you are struggling to make ends meet, the concept of saving money, shy of embracing minimalism, is pretty far-fetched. But are there ways to save money when you are a poor parent? Is it actually about having some financial common sense or does it run far deeper?

Knowing What You Are Entitled To

It can boil down to this, because you might not know what you are entitled to, especially with regards to benefits like Earned Income Tax Credits (EITC), it could make a huge difference in your finances. But beware with tax credits, because there are easy ways for you to be subject to EITC abuse, and sufficiently protecting yourself is complete common sense.

Becoming Self-Sufficient

This requires you to look at your lifestyle because if you are not particularly self-sufficient, and rely on a lot of external resources, it's hardly a surprise that you are lacking in money. One of the best ways you can become self-sufficient is, very simply, learning how to cook. It's surprising that a lot of people don't know how to, or have limited skills, when it comes to cooking. But if you are making the most of whatever is left in the fridge it is a way to make your food, and your money, go further. It's not just in the kitchen where you can clean up financially, if you are used to a certain lifestyle, and this requires a lot of money to be spent, are there things you can swap for a cheaper item? Becoming self-sufficient can encompass so many different things.

Why Organization Is The Best Option

And if you're trying to make your money go a bit further, then it's important to get everything in order. Being organized, and knowing exactly how much everything costs, as well as your specific outgoings every month, will help you to prepare exactly what is required for you to put money aside. You might consider the fact that you are struggling day to day, but is that because you actually don't know how much you spend in relation to what you earn? As soon as you get organized, and put into place a plan, you are far better equipped to deal with financial concerns.

Does Your Kid Really Need All That Stuff?

Yes, we all want the best for our children, but does that mean we have to keep overloading them with gifts, especially if it's gifts they don't end up using at all? It's a well-known cliché that a child will play with the box rather than the toy but there's a lesson to be learnt in this. If you spend above and beyond what you earn to ensure your children get everything they want, not only does it drain your finances, but does this teach them anything about the value of hard work? Being a parent and trying to save money is most definitely a challenge, but it's one that can be down as long as you start to think more self-sufficiently but also have a more sensible outlook.