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Have you considered putting aside extra funds for the teenage years?
If you have not thought about this, then you may want to if you have a child that is quickly headed towards the adolescent years. This can be a turbulent time, not just with the emotion and drama it can bring, but also with all of the associated expenses that it can add to the family budget.
When you think of your family financial strategy, you need to consider each and every phase of life. To their detriment, many families do not consider just how expensive the adolescent years can be.
New Situations Mean New Expenses
When you consider all of the obvious expenses alone, the adolescent years can be downright costly. You may think that the baby and toddler years drain the bank account, but consider the 'normal' expenses that adolescence can bring.
Saving up for expenses like extracurricular activities, summer camps, school trips, sports teams, the growing need for clothes, increased food expenses, and all of the lessons and tutors that are required for school and additional activities, not to mention the car and driving lessons, can be a huge financial drain, even though necessary. Moreover, many of your regular household expenses can expand just because you are adding a teen to your list: insurance, fuel, maintenance, all of these things and many others can quickly grow a budget.
The above expenses are the normal, everyday type of adolescent expenses, which does not assume if your child requires any additional help in the way of counseling, summer school, or even more extreme measures depending on their ability to adjust well to the changing and turbulent times. There really is no telling what the teen years can bring. And then of course, just beyond them is setting your child up for life beyond your walls. Suddenly the list is growing indeed.
Let's face it. Adolescence is a tough time! It's not just tough for the kids going through it but often for the parents as well. Many parents think about their monthly expenses and consider the one thing they have to save up for in their children's future is university. While this is true and is a great thing to consider in advance, you could be in big trouble when all of the expenses start hitting. As you consider all of your financial strategy needs and look at the years ahead, giving special attention to the adolescent years can be greatly important.
Planning Ahead Means Peace of Mind
A financial strategy should incorporate all of the important phases of life, particularly those that will be full of additional expenses and unforeseen circumstances. The adolescent years are a time of uncertainty in every sense of the word. When you look at your family and consider all of the financial needs that lie ahead of you, consider the adolescent years as part of your overall plan. Think of your kids and how you want to provide everything you can as a parent. If you could somehow make the adolescent years a little bit easier for them, you would do anything. Thinking through the financial needs of this turbulent time of life can be a great start toward making things much smoother.
Copyright © 2017 AdvisorNet Communications Inc. All rights reserved. This article is provided for informational purposes only and is based on the perspectives and opinions of the owners and writers only. The information provided is not intended to provide specific financial advice. It is strongly recommended that the reader seek qualified professional advice before making any financial decisions based on anything discussed in this article. This article is not to be copied or republished in any format for any reason without the written permission of the AdvisorNet Communications. The publisher does not guarantee the accuracy of the information and is not liable in any way for any error or omission.