Many Parents Face Increasing Financial Pressures
Now that the kids are back to school whether it's online or in person, parents seem to be having a difficult time keeping their finances in order.
Parents have so much to deal with these days. Everything from putting together Zoom birthday parties, to converting kitchens into class rooms. The past six months have been stressful for many moms and dads.
According to USA Today, in a recent survey, 22% of parents said the COVID-19 pandemic has affected their ability to pay bills.
Parents also suffer more stress when it comes to paying bills. We're talking about everything from paying rent to credit cards, as well as other contributions.
One of several financial groups confirmed that the past couple of months have been difficult for many parents who have dependents at home. Especially parents with adult children who have temporarily moved back in.
"Country Financial's survey found 20% of parents with at least one college age or older child have welcomed kids back into the home during the pandemic. Moving back in with parents may be the best financial decision, but parents need to push their adult children to pull their own weight, or else it will start to effect their long term plans." (USA Today)
Another important thing to do is to assess budgets right down to the last penny. A full 51% of parents cited additional financial concerns related to increased food costs, the price of new technology and internet service, and higher expenses for childcare.
At the end of the day, all of these expenses add up and can make parents feel like there's no end to the financial burden that haunts them. There are more really good ideas on where you can check out the best ways to manage your money. USA Today.