Life has a funny way of encouraging us to live in the moment. We want instant gratification all the time. We shop online and get next day delivery, switch to the next song on Spotify if we've had enough and if we want dinner instantly, we can just stick it in the microwave for a few seconds.
So paring back and deciding to plan ahead is not always the easiest thing to do. But when you have a family, you have a responsibility to think ahead. Which is why we have compiled all the reasons why it is important to start considering some savings now so that your future self will thank you.
1. The family holiday
What better incentive do you have than putting away those pennies for a wonderful family get-a-way. You will be so glad you decided to cut back on nights out or expensive food shops in order to be thrifty to save for this experience.
2. The kids
Inevitably, with children, there will be something that pops up that you need to buy for them - new shoes, shelling out to fix that beloved bike or hello...a college education. Just when you think you have budgeted enough for your child's needs and wants, another one pops up. Financially speaking, putting away a little here and there is a wonderful way of ensuring you don't have to compromise on some of the things you want your child to have.
3. A safety net
Life has a funny way of scuppering your best-laid plans. As careful as we are, family life is as unpredictable as it is expensive. Just when you think you have it all figured out, the dryer will break, the car will need a service or your living room an upgrade. Having savings set aside will always be that buffer that you need so you will never be caught short. Starting small and often will get you into a great habit for the future. Even doing things like changing your service provider or shopping around for a better deal can save you a good chunk to add to your savings each month. The key is to start now.
4. Parental leave
You never know when your circumstances will change and having the possibility of taking unpaid leave from work may be something you or your partner chooses to do at some stage or your child's life (you are able to take it until they are 8 years old) Having that tool in your parenting arsenal is extremely useful if something arises where you feel you need to be there a little more. However, many families cannot afford that financial hit. This is where that little nest egg can really make a difference to your life (and that of your child's).
5. The rewards
We should be able to indulge in a treat every once in a while - a night away, a family trip, that new kitchen you always wanted or even a dress you have had your eye on for Christmas. This will be possible once we think smart with our earnings. Having examined all the ways we spend our cash, we can see where we can pare back, where we can save and allow some of those savings build up that can open up opportunities to do something nice with your family (or get a girlie night away!).
Your future self will thank you!
