Make The Most Of It: Smart Money Decisions For Young Families

Getting through family life is challenging enough, so making major financial decisions will feel daunting. Having a young family will always bring you plenty of happiness and joy, but, you’ll wanted to ensure that the future is not only secure for you and your loved ones; it’s also pretty bright. If you use your money wisely and make sure that you’re as well-informed as possible when it comes to where to spend, save, and invest it; the rewards can be well worth the initial time and effort. The following are some areas to consider if you’re thinking about what to do with your money, and will help you to decide on where to invest, and more importantly, where you should avoid putting your cash so that you can enjoy plenty of family fun during the years ahead.  

 

Making Your Home Even Better And Getting On The Property Ladder

With a young, and growing family household, now’s the time to start thinking about building up your property and any long term home investments you could make. Property can either break or make you financially; so, to ensure you’ve made the right investment for a comfortable life, you’ll need to do your research and make some smart decisions. Renovating homes, including your own, can be a lucrative move, worth investing your time and effort in. However, you’ll need to know the market like the back of your hand and be able to understand the processes that are involved in a profitable renovation project or sale. Investing in more living space downstairs, or an extra bedroom, are the sorts of things that can bring your home’s value up. Therefore, if you do plan to move in the foreseeable future; you’ll need to know where and what to invest in.

You could well be at a stage where you’re considering buying your first home; take into account the location and whether the prices are likely to rise before you plan to move on, so that you know you’re money will and assets value will increase. Avoid houses that are in declining areas, or have too much work that needs doing to them, just because they’re a quick and cheap sale; you’ll regret it in the long run and will have wasted your cash. Choose a property that will allow you and your family to grow over the next few years, and that should increase in value steadily with the rest of the market, so that you can sell with ease in the future. Know when to call in the professionals to buy your house, or to renovate for resale, and utilize a home loan calculator so that you don’t waste any time and more of your money in trying to do it all yourself.

Consider your options when it comes to your location; looking a little further afield could give you more for your money, and may suit family life much better. Whether you or your partner need to start thinking about a new commute, or even a new career move; you’ll be able to make some informed decisions, the more clued up on the property market you are. Knowing location and what you want from an area, and your life and amenities, will dictate your property choices, so you’ll can keep an eye on the market, and make a move when the time is right.

It’s always worth taking the chance to buy and sell when you can; but, you must ensure that you’re making informed choices and aren’t swayed by impulse. Rash decisions and choices when it comes to property will cost you a lot in the long run; however, if you’re smart about it, you’ll have set up the beginning of a comfortable life for you and your family. There are plenty of resources online that will help to guide you in the right direction regarding your property journey ahead.

 

Getting Qualified And New Career Prospects

Education is often an extremely effective way to invest in yourself and your family’s future, along with your qualifications and career development. Therefore, if you’re sat on the fence when it comes to starting a new course or taking on extra training, and you’re unsure whether to spend your money or not; you need to weigh up the potential results. If you are stuck in a job that doesn’t fulfill you on any level, because you can’t pay your bills and receive no job satisfaction or development; it’s time to start thinking about retraining. Take into account your current experience and qualifications before you pay to begin something. You don’t want to have completed a college or uni course, only to find out that you lack in the other areas needed for a particular job role.

You may want a course or future job that better suits your family life. There are plenty of businesses and companies who are beginning to offer more flexible working hours, and some will offer the chance to work from home so that you can fit your hours around being a busy parent. If you’re able to start a course or degree and have researched thoroughly into how it will lead you towards a job and career that you’re happy with; it’ll be worth both your time and investment. You may have to sacrifice things as you study; you may have to downsize in your accommodation and limit your lifestyle so that you can afford to retrain and keep up with your deadlines. But, you’ve got the property side of things sorted, so you’ve totally got this!

You might also have to continue to work to pay your mortgage or rent, and bills alongside regularly studying, either in a physical environment or online; so your life will take a major impact, and it won’t be the easiest road. However, once you’ve worked out your time management and you’re out the other side and working in a job that fulfills you and pays better than your previous roles, you’ll realize how smart your decision to make a change was and how much you appreciate it. There are some career paths that allow you to train as you work. Therefore if you’re prepared to get stuck in at the very bottom of the ladder and work your way up, your investment in your new position will pay off in the long run.

Bear in mind that there are ways to save the money that you are currently earning, which will give you the freedom to take some time out to study and learn in the near future; it might just be a case of a little patience and a lot of determination to get where you want to be. If you’re willing to invest in education and training, you want a career change and improvement, but you’re a little stuck on where to begin; take a look online for some advice and tips.

 

Being Able To Get Where You Need

You might think that transportation, or more specifically your vehicle of choice, is an unusual thing to put on a list about major life investments. However, a car will lose value the second that you drive it away from the showroom; so it’s worth making extra effort to choose one wisely and ensure that it will last for the years ahead. Unless you have plenty of cash to splash on whatever you like; you need to make a list of all the factors that your mode of transport will impact. If you commute each day, whether it’s to work, college, or to get the family shop a few times a week; work out whether it would be cost-effective to run a car, or you’d be better off investing in a long term pass for public transport.

Take into account the convenience factors too; think about whether you’ll be able to park your car for free, or if you’ll have to pay for a parking spot each day, and how that compares to your public transportation option. If the convenience of driving to work each day outweighs any savings you’ll make taking the bus; then a car might be the correct choice for you. However, if running a vehicle will make a major dent in your wallet each month, and you could quarter the expense by getting on the train in the morning; reconsider visiting that car showroom this weekend and keep thinking of the money you’re saving by not having one.

If you do decide that a family car is a wise investment; consider secondhand and fuel-efficient options that will help you to save your hard-earned money. Taking good care of your car, and maintaining it properly, will ensure that you’ll be more likely to get a decent price for it when you decide to sell and upgrade your vehicle. Regular garage visits, washing the car inside and out, and protecting it from extreme and harsh weather conditions are a great place to start when looking after your investment. The joy of having a suitable car for the whole family will be the road rips you can take with your partner and little ones; staycations often work out less expensive than family holidays abroad, so you could be saving a significant amount of cash.

It’s never too early to begin teaching about money. Teaching kids the value of money is an important conversation to have and can set them up for financial sustainability long before they need to fully grasp the concept.

Photo Credit: puppy, keyboard, keys, baby and mom, Photo by rawpixel on Unsplash

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