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Having a family complicates debt repayment: you may have less time for side jobs, face sleepless nights, pay for expensive child care, and feel guilty about not spending enough time with your kids. Kids also eat more, outgrow clothes, and develop costly interests as they get older. For a stable financial future, it’s important to manage debt and save.
Parenthood can also give you stronger financial motivation. Poor choices now affect your children as much as—or more than—you, so getting your finances in order becomes even more important. If you know yourself and create strategies that make it easier to live within your means, your situation will improve.
I started marriage with substantial undergraduate student loans and took on an extra $15,000 for a graduate degree to pursue the career I wanted. I love my job now, but those undergrad loans remain. Despite grad school, multiple jobs, a career change, and starting a family, my husband and I have been paying down student loans using behavioral finance ideas and practical habits.
Budgets may sound dull, but holding budget meetings with your partner can make a big difference. Treat your budget as a useful tool rather than a restriction, and plan so you can still include things you enjoy. If you receive bonuses that aren’t steady, don’t count them as regular income—have them go straight into savings or toward debt.
Tip: Schedule regular family budget meetings and set an agenda.
You can still enjoy life on a budget by being honest about what you can and can’t give up. Some people can cut back to almost nothing, but most of us have at least one thing we truly value. That doesn’t mean you should justify excessive spending—be realistic. If a $50/month gym membership brings you real value and doesn’t put you in debt, keep it, but make sacrifices elsewhere: reduce dining out, stop buying breakfast on the go, or spend more time at home to save on gas.
Treating yourself should be intentional—reward progress instead of spending randomly because you “deserve it.” Decide what brings you happiness and spend there, not on low-priority items.
Tip: Write and rank your spending priorities so you have a clear guideline.
Cutting expenses isn’t enough if you don’t earn enough to pay down debt quickly—slow repayment costs more in interest. To tackle my student loans, I did freelance writing and scored standardized tests, putting that income into a separate account and applying it immediately to loans. That approach has two benefits: more frequent payments reduce the principal faster and lower interest costs, and keeping the money separate prevents it from being spent elsewhere.
Make extra money on weekends or during naptime, or ask for more hours or projects at work. If the extra work feels overwhelming, remember it’s temporary and will improve your long-term situation.
Tip: Use separate accounts for specific goals to stay on track.
Child care is often the biggest barrier to financial freedom because costs are so high that staying home may sometimes be the better financial choice. If child care is consuming too much of your budget, look for creative solutions and set up systems to lower that expense.
Tip: Think creatively and create procedures to cut major costs like child care.
Always keep future you in mind. Ask what kind of life you want. I invested in a master’s and changed jobs, which cost more short-term but led to a job I love. My husband and I also paid off our $15,000 graduate school loan in a matter of months.
It’s never too late to plan for the future you want. Whether you’re thinking about retirement or funding children’s college, every financial decision you make today affects that outcome.
Tip: Automate saving and investing through a 401(k) or IRA.
To manage debt and save, stick to a realistic budget that includes things you enjoy, earn extra income when possible, and keep your future goals in mind. Even with a small family, you can reach your financial goals.
