After the indulgent highs of Christmas and the holiday season, reality often returns with a resounding thump when the bills roll in February/March leaving many parents feeling anxious, stressed-out or depressed.
Overspending on your credit card or last-minute impulse buying may have left you and your finances depleted. Chances are you are not alone.
Now is the ideal time to review your finances and plan and set goals for the year ahead. Here are some tips to help:
Start small and simple
Don’t get overwhelmed, stressed or anxious about your current financial or emotional situation. Keep things simple – identify one area that you want to focus on first e.g. your financial goals, budget, income or expenditure.
Financial check-up
Identify any areas for improvement that may be draining or stretching you financially, e.g. credit card debt, expenditure, high-interest or multiple loans. Establish or review existing budgets and seek financial or professional assistance if necessary. Try using online resources such as sorted.org.nz to assist with debt and financial management.
Take action
If you find yourself in an undesirable financial position, one of the most important steps you can take is to do something about it. Even one small change can make a big difference and help you move towards improving your situation and alleviating stress and pressure. If you put off or avoid taking action, it will only make matters worse.
Make time to sit down, discuss and review your financial position and options with your partner or financial adviser. Set short- and long-term financial goals. Remember it's OK to seek financial advice and assistance.
Next week, I'll cover ways to save money, earn additional income and make your money work for you.
Do you have parenting question you'd like answered? Email Karyn results@rileylife.co.nz
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