Raising teenagers has become more challenging than ever. The issues facing many teens are new. This leaves parents trying to navigate the unknown.
Another challenge facing parents is the rising cost of living. Each phase of your child’s life brings its own set of expenses. By the time they reach their teens, you might have exhausted your spending.
To manage these increasing costs, a budget and a plan are vital. Let’s have a look at some items that may need adjusting when budgeting.
School and Education
Although public schools are free, there are many other expenses to consider. This includes uniforms, stationery, and other equipment. Then there are private schools that have varying fees depending on what they offer.
The older your child gets, the more involved they may become with extramural activities, which might affect your bank account negatively.
As kids grow, so do their appetites. This is more evident in boys. This is due to a growth spurt during their puberty years. Their diet also changes if they consume more sugary food when hanging out with friends and eating takeout.
In discovering themselves, their likes and dislikes, they may want to exercise their own food choices, which may not always favor your budget.
When it comes to fashion, this may vary from teen to teen. Girls are usually more concerned with their appearance than boys and may spend a bit more on clothing.
Depending on the family, some parents only buy essential clothing, and their teens will have to buy anything else with their allowance. Make an allowance in your monthly budget for clothing; this can help your teenager learn more about budgeting.
Provincial healthcare may cover most of your medical expenses. Some providers aren’t covered and you may have to pay them yourselves.
Your teenagers’ needs may increase as they develop and grow. They may need glasses or braces. Their increased physical activity in various sports may result in sports injuries and frequent visits to physios. If you have health insurance, you may have to consider increasing your monthly coverage.
It’s important to note that if your child is injured due to someone else’s negligence, that you can take action to recover the medical expenses. According to Diamond and Diamond Lawyers, a Limitation Act allows you up to two years to sue from the date of claim.
Raising children is emotionally and financially demanding. When it comes to finances, there are some things we need to be aware of to keep our heads above water.
The most common expenses for teens include education and extramural activities. Then there’s also the groceries, clothing, and healthcare. As teens navigate their way into young adulthood, some changes are inevitable and financially impact parents.