Large family finances


#1

I have been wondering about this. Catholic families are known, stereotypically, for being larger than other religious families. I guess my question goes out to all families with 4+ children. How do you get by financially. My extended family is pretty small, and I’d like to have a large family when the time comes. I just am unsure how larger families get by with financial costs.


#2

It is simple, most large families find ways to earn extra money and live without luxuries other people consider necessities.

Parents with lots of children typically don’t send their children to expensive private schools, buy them 30,000 dollar vehicles, or pay for their entire college education. I come from a large family and at around 15 we were all expected to have a job and contribute and at 18 we got the boot and were supposed to pay our own way. Anyway, that is how my parents did it. I have 5 kids and I just plan on making bank my entire life. if that doesn’t work out I plan on moving into a small trailer somewhere and living off the land like a bunch of hicks. :slight_smile:


#3

we did it by simply opting out of a lot of expense that many families now take for granted: designer clothing, electronic entertainment except for TV and a good stereo, expensive vacations, new cars every few years, big house in the burbs, mega-Christmas extravaganzas, and so forth. None of these things are bad or unneccesary in themselves and some can be quite good for a family, but we resolved early on to always try to live on one income, and bank the 2nd income when we had it. We did invest in Catholic schools when we lived in areas where it was possible, an investment that has paid off handsomely on many levels.

We became experts at finding free or very low cost destinations and opportunities for cultural and educational outings, cultivated hobbies, encouraged sharing of toys and games, and did much of our shopping at thrift stores and tag sales (tip-pick the ones in affluent neighborhoods, or whose donors come from such places). We also have adhered to a recycle-reuse-or don't buy it at all since I was raised that way.

we have also tithed 10% of after-tax income since the first year of our marriage. We also learned early on that credit cards are for emergencies, business use, and to track travel expenses, not an every-day way of spending. Hard lesson but once learnt gives you a graduate degree in managing family finances.

the difference between our family and many who seem to live at the same or even a higher level is relatively low levels of income going for interest. At most we have one car payment, mortgage at any one time, and credit cards are paid off monthly (after we learned the hard way). we did have student loan payments up until oldest child went to college, however, but I managed by using the student loan money not only for tuition and books but for child care, so I could also work giving me a leg up in my profession. And for most of the time we worked and/or went to school on split shifts so there was usually one of us home so child care expense--a huge item for today's families-- was greatly lessened.

we also are pretty good about maintaining and taking care of what we have, not just regarding expensive purchases as disposable, and taking care of household and auto maintenance. We also make every sacrifice to insure no gap in medical insurance whenever one of us was laid off, as medical bills and emergencies are the rock that sinks many family's finances. we also ate for health and seldom spent good money on junk food, sodas etc and usually had a family garden when living situation allowed.


#4

We have four and right now it is not terribly hard as the younger three are all under the age of six. I do forsee it getting more...interesting once they are older. But, at that point I will probably get a job. It's important for me to be home with them now, but once they are all in school (we homeschool in the elem. years) then I will have less issue with getting a 'real job'. :)

Yes, I do think you just do without things - new expensive clothes, vacations, new cars, the latest electronics, etc.


#5

forgot to say our kids went to college on the Daddy Student Loan program, all 3 got grants and scholarships for at least half, and went to the school that gave them the best deal on financial aid. All have repaid the loans, and those payments are deposited in to college accounts for the grandkids.


#6

I think for me in the future homeschooling would be best. I have very little faith in public schools, or no faith. Private schools get EXPENSIVE.


#7

Either way, it's much easier when they are little - they don't care what they wear, and they can be entertained with pots and spoons. When they get older, it gets harder, but other areas get easier...if you do homeschool, they can basically do their lessons on their own with little guidance which would free up time for you if you need to get a part time job or work from home or whatever. And, older kids can babysit younger ones, which would free up time for you as well.


#8

[quote="TraceG, post:1, topic:178245"]
I have been wondering about this. Catholic families are known, stereotypically, for being larger than other religious families. I guess my question goes out to all families with 4+ children. How do you get by financially. My extended family is pretty small, and I'd like to have a large family when the time comes. I just am unsure how larger families get by with financial costs.

[/quote]

Well if you are well educated, hubby as well and can both get really good jobs, all you need to do is monitore your budget and large family shouldn't be a problem!!! :)

I have 3 children going on my 4th and we live off of maybe 30 grand a year if that at all, and we barely make it,lol but we make it!!! We have to budget ourselves, really bad, we don't get to go out, no movies, barely a video game here and there, more going out to parks than stores, nothing luxurious like my sister mother of 2 sahm whom is able to afford a 700 plus purse every other month, and an 900 dollar cell phone every year, thanks to her 100 grand a year hubby's job!! LOL I go to the mall and if there's an 85plus% sale which guarantees you will get a 100 dollar item for 25 dollars I grab it! LOL doesn't happen often first time in like 2 years here where we live, so I took advantage and whatever little money I had left bought Christmas gifts for my family.. Like I said doesn't happen often but when it does it's great to take advantage! I got me a 50 dollar shirt that day for 4 bucks! Not even Walmart has such sales!! :) Use coupons whenever you can, and wait for major sales...I love taking advantage of our supermarket 10 for 10 deals, they don't have them often but when they do we stock up! LOL I try to save as much money every week or month to help me with major things like kids' clothes at the begining of school year and during winter..kids grow so darn fast, last year daughter was a size 12, this year size 16!!! Oh yeah it gets expensive! Then there's all the new fetish like nintendo ds, netbooks etc..My sons barely now will get a nintendo ds, refurbished!! Nephews and nieces since they were 3 years old now 8 years old, lol, have had brand new ones! LOL It's just those things that you can talk to your kids about and not "deny" them things they would like or want or need but make a deal with them you know, like my son wants an xbox 360, can't afford one so fiance and I made a deal with him if he passes these next 2 years of school and makes it to 5th grade then he gets one at the end of that year! :D He's been a straight F student ADD/ADHD borderline, so teacher's have no patience with him...This year though he's matured a lot and GOD willing he's going to pass!!! :D crossing fingers

So yeah it's always major budgeting, things you need versus things you want...I go to work with 3 pairs of pants that's it...lol...I just mix and match you know!? And I have 2 pairs of shoes,-work shoes and daily ballerina shoes-; a pair of sneakers, and a pair of sandals...Versus when I was single and no kids, all I did was have shoes! LOL :( Not so proud of myself or anything! But you learn to live without a lot of things... that are not really needed you know?! Like you really need 30 pairs of red shoes???? Seriously??? LOL My sister has like 10 pairs of black shoes, why??? lol I dunno! Never wears them all!!! hehe and her 40 purses and bags barely uses 3 or 4 lol!!! so yeah...

It's not that easy once you get used to it you know?! yes I would love to have the latest cell phone, man touch screen!! WOW!! Or the cutest LV bag, or Guess glasses WOW! But you know as long as the ones you have do the job of carrying your stuff and covering your eyes you don't really need to buy a new one every month! LOL

So yeah...that's how we try to survive! I am sure other families have better luck! I remember my friend's family whom made less than we did and they were always happy! Always! Without money! So money isn't the root of all happiness! GOD, love and family is! :D GOD bless.


#9

[quote="TraceG, post:1, topic:178245"]
I have been wondering about this. Catholic families are known, stereotypically, for being larger than other religious families. I guess my question goes out to all families with 4+ children. How do you get by financially. My extended family is pretty small, and I'd like to have a large family when the time comes. I just am unsure how larger families get by with financial costs.

[/quote]

The BEST advise I can give you is to take the 'Dave Ramsey' Financial Peace course - I have 5 kiddos now and WISH I had this info 20 years ago. It is priceless!

Essentially, you:
1. AVOID debt (ie- 25% of your income=lost to interest!!!!!!)
2. Create your own 'emergency fund' (eliminate need for credit cards) - he'll show you how!
3. SAVE up for items you buy (eliminating need for credit/payments/INTEREST).
4. Learn the benefits of 'living frugally' (tips from previous posters) so that you CAN do the above and more.
5. Avoid financial blunders and mistakes (he'll show you how to identify the biggies . . )
6. So that you can GIVE (tithe, and more . . ).

I don't care how smart you are, his course is the best one that I've seen that will set you straight and on a Christian perspective . . . It is indeed a straight and narrow path . . . :thumbsup:

-G.


#10

[quote="lada, post:7, topic:178245"]
Either way, it's much easier when they are little - they don't care what they wear, and they can be entertained with pots and spoons.

[/quote]

Check, pots and spoons gotta remember that, lol

[quote="iluvmybabies, post:8, topic:178245"]
Well if you are well educated, hubby as well and can both get really good jobs, all you need to do is monitore your budget and large family shouldn't be a problem!!! :)

[/quote]

Hubby?? I'm a guy, haha Point taken though


#11

**Work hard. Pray harder. Invest in your kids and your spouse, they are the only wants you’ll need in retirement. Avoid debt. Seek wisdom. Value laughter. Did I mention praying hard?
**


#12

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