In this episode I’m joined by Kate from @moneymindsetmother and we discuss how to effectively manage your money as a parent.
Kate is a mum of 3 and is very experienced at managing her own money and her families money so is the perfect guest for this episode.
First, we discussed the transition to managing money from a non-parent to a parent. One of the most important things is to know your numbers - knowing exactly what is coming in and going out each month. This comes back to budgeting which is the ‘bedrock’ of both building your wealth personally and as a parent for your family.
Another suggestion from Kate, which I’m a fan of, is to print out your bank statement at the end of the month and get two highlighters. In one colour highlight your needs and in the other colour highlight your wants. This will then help you to understand where you’re money is going and if there's any wiggle room to cut back.
Second, we discussed whether the process of managing your money changes as your children grow older. It most likely will and is likely to include using vehicles like Junior ISAs to help save/invest for your children’s future.
Third, we chatted through how much to save, especially if you have multiple children. The bottom line is, if you’re able to, any money saved/invested at all is a bonus. Even if there are points when you can’t contribute, any money previously invested no matter how small will continue to compound over the years.
Lastly, we discussed investing personally for yourself whilst having a family and some top tips to take away for managing your money as a parent.
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More investing:
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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.
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