When your family starts to grow, so does everything else, like the washing, the mess, the to-do list, and yes, the money stuff too. Because of that, it can feel like no matter how carefully you plan, there’s always another birthday coming up, another bill to pay, or something the kids suddenly must have for school tomorrow…

The good news is that financial planning doesn’t have to be scary or complicated, and it’s really just about getting a better idea of what’s going on, and putting a few things in place to help you breathe a bit easier. With that in mind, keep reading to find out more about some useful financial planning tips for growing families.

What’s Happening With Your Accounts?

The best place to start is by looking at the basics: how much is coming in, and where it’s all going? Not just the big stuff like rent or food, but the smaller things too, like the forgotten subscriptions, the treats, the midweek pizza nights, and all those little bits that you buy without thinking about them, but that can really add up to a lot when you look at it properly. Of course, the point isn’t that you’re trying to cut out all the fun, you just want to spot any leaks so you can stay in control, and it might be that you can save a lot of money that you didn’t think you had too, which is always a bonus. 

Even better is that you don’t need to use any technology to do this (although you can if you want to because it’s all out there for use if needed), and if you prefer to use just a notebook and pen, that’s great – it all works. As long as you can feel more in control and you get the results that are going to help you, you can do it in any way you want. 

Plan For Unexpected Things

With kids, there’s always something unexpected, and it could be a school trip, a broken piece of tech, a sudden need for fancy dress, ot perhaps they’ve got a cooking class the next day, and they suddenly need a load of ingredients that weren’t in your shopping budget (let alone the time it takes to get everything). In the end, you can’t plan for all of it, even if you know it’ll happen at some point, but you can make sure you have a small contingency fund for when it does happen, so you can relax and everything gets sorted out. 

You don’t need a lot in this kind of ‘spare’ account, and you can just add a little each month (ideally as soon as you get paid, so you don’t miss it), so that it’s there when you need it, and growing when you don’t. 

Think Ahead 

School might feel like a long way off, but saving for it early can take the pressure off later, and even if your child doesn’t know what they want to do or doesn’t end up going to university because they decide to go straight into work, it’s always wise to start saving as early as you can. 

In Canada, you’ve got options like RESPs to help, as well, and if you’re deciding between a family RESP vs individual, the family one can give you a bit more flexibility, especially if you’ve got more than one child. But either way, the main thing is simply starting when you can.

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