Many parents of high schoolers are grappling with having enough to fund their family life now while saving for their future life.
Like many parents, you were full of joy at the birth of your children. You dreamed of their futures being full of love and success. You envisioned being able to provide well for them.
But then…
Your kids become involved in multiple activities. The time and money squeeze is tightening and causing tension. You’re not communicating with your spouse and not working as a team. You’re not even sure where all your hard-earned money is going.
But, hear this: It’s not your fault.
Most of us were not taught how to be good parents let alone how to handle money well. There is so much information out there which is overwhelming and confusing.
We have good news for you.
There are 3 tools which, when mastered, can help you find, keep, and grow your money.
1. Parents are struggling to balance dueling priorities.
You find your money is leaving your account as often as your car leaves the garage to take your kids to their activities. Then, late at night when you are trying to fall asleep, you begin to worry about your life after the kids are out of the house. What really keeps you up is struggling to pay for it all.
By clearly identifying your priorities, writing them down and agreeing on them, you can see a path to success.
When Mike and Jenny first contacted us they felt desperate. Their money was being stretched to the breaking point.
They didn’t like the feeling of guilt around being judged as “bad” parents if they told their kids “no” concerning activities. At the same time, they were stressed out, losing sleep, and worrying about not having enough saved for their retirement.
They felt ashamed because they thought everyone else had it figured out.
Spoiler Alert: Other parents are feeling this too.
Every time they got a little bit saved, life would throw them a curve ball and they had to spend the money they had worked hard to save. They believed they were never going to get out of this hopeless cycle.
Understandably, they felt overwhelmed.
By prioritizing their goals, they began to look ahead and anticipate expenses. This simple tool enabled them to easily balance dueling priorities; paying for their kids’ activities AND saving for their secure retirement.
Jenny told us, “We see our teenagers watching us walk our new money path. They have commented on feeling less tension at home and are included in money decisions that involve them. We are proud to watch our kids think before they spend and make good financial choices.”
If everything is important to fund, then nothing gets fully funded. Knowing and using a priority list makes your path clear and moves you toward prosperity.
2. Communication around money is limited, contentious or avoided altogether.
Communication when you are busy parents can be downgraded to leaving sticky notes on the refrigerator or frantic texts about who has the kid’s shoes in their vehicle. Sometimes your communication is loud and argumentative because you disagree about the decisions which need to be made on spending/saving your money and you feel frustrated because there is just not enough to go around.
The answer is truly simple, schedule a Money Date with your spouse.
Chris and Heather’s conversations about money always spiraled into arguing, anger and frustration. Heather created a large complex budget every month which drove Chris crazy. When they tried to “talk” about money Heather would storm away and refuse to participate in the conversation.
They struggled to make any forward progress. It felt like their finances and their marriage were in trouble.
After meeting with us, they discovered hope. By implementing a simple process for productive communication, they began to work together in an unselfish and systematic way. They proved to themselves they could discuss money without fighting.
Now they had a path to follow and a way to make real progress together toward their chosen priorities and shared goals. Most importantly they began to listen to each other instead of argue.
They joyfully shared, “We’re so glad we have made substantial progress toward the purchase of a Jeep and our better marriage is priceless.”
Chris and Heather now have a weekly money date and a way to communicate where each feels respected and valued. They are confident they are making the right decisions and are growing together with a whole new level of peace.
3. Parents aren’t sure where their money is going
You Are Here → ⦁
This is the starting point for all navigation: from maps at the mall to the apps on your phone. Until you know where you are and then intentionally decide where you want to go, you won’t be able to see your path.
Most of us know where our money is going - generally. We can mentally go through the list; food, utilities, gas, the high school, private teachers/coaches, and equipment purchases to name a few, but most of us don’t know the details.
The best tool to stop haphazard money patterns is a spending plan, done together, before each month begins.
“We make good money, but have nothing to show for it.” That’s what LaShonda and KJ said when they contacted us. They both have successful professional careers but often used credit cards to pay for groceries because they ran out of money before their next paychecks.
“We feel ashamed,” LaShonda said, “we both have college degrees but money just seems to slip through our fingers like water.”
After their first meeting with us, they were ready to make progress.
With the simple addition of a spending plan, KJ and LaShonda were able to see where their money was actually going and plug the holes where their hard earned income was leaking out.
KJ said, “It feels like we got a raise!”
Now they choose where their money is going, and are thrilled it’s not disappearing into thin air. They have started to dream again. They’ve paid off $35,000 in credit card debt in 23 months, replaced 2 cars, and took a dream vacation to Florida knowing the money was already in the bank to pay for it.
Their intentional choices have put them on the path leading to lasting prosperity for their family with the added confidence they’ll have a retirement full of fun choices for the two of them.
Being good parents now shouldn’t cost you your future!
When you had a young family the demands on your money may have been easier to balance, but as your family grew up things became more complex. You need confidence in balancing your conflicting priorities to fund both your present and your future.
If you find yourselves wanting to gain back control while facilitating better communication and peace in your home, you need a clear path.
You need to work as a team and set priorities which align with your values and dreams.
And then, with guidance, you will have a path to follow.
You too can support your active kids now while saving for your future. Curious what steps you need to take? Click here to discover how to get on the path to prosperity.
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