I’m looking for some insight from parents who’ve been through this. My first child is on the way this year, and I’ve been thinking a lot about how this is going to shift my mindset – especially when it comes to finances and long-term planning.
I’ve been fortunate to have a bit of money saved up – part hard work, part luck (had a nice little win earlier this year that helped boost our savings). But beyond that, I feel like becoming a parent might be the push I need to really step things up. I want to be the kind of dad who’s stable, focused, and prepared – and I’m hoping this new chapter will bring that out in me.
For those of you who are already parents, did having kids make you more financially responsible or motivated? Did it change how you approached work, saving, or your future goals?
I’d really appreciate any personal stories or advice as I get ready for this next phase. Thanks in advance!
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No, my financial attributes were around long before kids.
It makes you broke 😂😂
It definitely requires more fiscal discipline and budgeting. Kids are expensive and are way more expensive than the average person thinks.
No. Having a kid isn’t a magic thing that turns you into a different person overnight. If you have bad money habits before having kids, it’s only going to get worse with a kid. My wife and I have less disposable income than we did before our kid was born, but our attitude towards money and saving and finances hasn’t changed.
No… In fact my mom’s bad habits rubbed off on both my sister and me.
It took lots of work on my part to get more responsible
Definitely. I now think 10/20 years in advance whereas before I would have very much lived in the moment, to the detriment of my finances
No, but I was the guy who did a stint in the military so thaT I could go to college debt free… long term financial stability has always been a priority for me.
Kids are expensive as hell, especially going from 2 to 3. We had a bonus baby and it wrecked me financially. Love him, but damn.
Most definitely. I no longer was willing to tolerate living close to the edge. Kids do dumb shit. There is always some kind of emergency in the horizon.
I’m more risk-averse, that’s for sure. More risk-averse in making career decisions. More risk-averse in my investing. Professionally, I feel a bit more pressure to achieve more since I’m not the only one living with the consequences.
But in terms of household finances, I was always pretty frugal.
It could. It also might not.
Everyone is different. I know people with children (who are now adults) that lived their entire lives being about as irresponsible as one person possibly could be. Both before and after having children. I know some people who grew up a lot because of it. Each situation is unique.
In order for it to be financially stress free you need to be able to shake the magic money tree occasionally.
I know this is a bad thing to say but it’s hard for me to imagine being on a low income and enjoying having children. I love my kids but the demand on cash is extreme. Like at least a Porsche 911 turbo payment per child per month. Even if you keep direct costs like food, clothing, school under control, the extra infrastructure you need like a bigger house in an area near a good school, 4 plane tickets and two hotel rooms instead of 2 plane tickets and 1 room, and and and… It all costs so much money.
So if you’re wanting to keep the same lifestyle as you had before kids, and be able to save money too, you better get earning or be prepared to make cutbacks.
Having children focused my attention on making a shed load more money so everything is comfortable and we can still go on nice holidays whilst saving and investing, etc. Both my wife and I run our own businesses (individually). So it’s definitely had a positive impact on my overall drive and motivation, in some ways success too.
Happy if people disagree with me, and I know plenty of people manage with less than me, but that’s my opinion.
lol nope!. I’ve met single moms who blew throw their tax refund in 2 weeks without anything to show for it
Being financially responsible kind of seems like a prerequisite
I had a child when I was in high school. She gave me focus, determination, and goals. Before her, basically half assed everything. I focused on graduating college and worked on extra things to make money. I bought my first house in my early twenties. Worked hard as an engineer while also starting my own businesses. I was single dad while doing all this. So, to answer your question, yes. This does not necessarily mean it’s going to make you responsible, though. Everyone is different.