When you’re a parent, it’s not exactly like you have much money left over. Children are expensive. There’s no other way to put it. Sure, you can try and do things on the cheap and be a bit more frugal with what you’re spending, but they’ll still end up being your biggest expense. It can feel like you’re not really cut out for it when you’re doing it, but we get through and look back and it was all over too quickly. It’s a bit of a catch 22 situation. However, if by chance you happen to have some money left over at the end of the month, you need to have a think about where you’re investing it, if you choose to invest it at all.
Invest in Property
Property doesn’t have to be expensive nowadays. There are manufactured homes for sale which cost a fraction of the price of a new house, but are still just as desirable to live in on the inside – if not a bit better than our standard of living currently. You could pool together with a friend or family member and rent them out. The great thing about mobile homes is that they are available almost anywhere – especially in beachfront locations. If you’re not investing for rental purposes, at least do it for a holiday home!
Invest in Education
If you have already looked into higher education for your child, you’ll know that it’s no walk in the park when it comes to fees. Putting together a saving plan for if they decide to go on to college is one of the most sensible things that you can do with your money. Sensible isn’t always necessarily the most fun, but you’ll be patting yourself on the back a few years down the line in recognition of the great decision you made!
Invest in the Future
The future doesn’t have to be all about your children. You have a future, too – and it can be whatever you want it to be. If you have a holiday planned in the next few years, save your money and put it towards that. If you want to retire early, invest in a pension fund that will allow you to do so.
Invest in Today
If there are things going awry around your home or in your social life that require money to fix, nip it in the bud and spend as quickly and wisely as possible – before the problem starts to evolve into something bigger. For example, if your car desperately needs a service but you have been saving your money for something else, this is where you need to weigh up your options. It could be that your vehicle has an underlying problem which needs to be looked at straight away, and unfortunately the holiday that you had been planning in your head will need to wait. Some things take priority more than others – it’s just up to you to gauge where your money will need to be placed first.