When people decide to start a family and have kids this usually means you have to start budgeting as you need to put food on the table for your family which means no more random nights of drinking away your weekly paycheque at a bar as an example. For myself, I have always had the habit of trying to spend responsibility. But it was an interesting reminder recently on just how much people spend when they are single as if the money doesn’t run out.
For example, people with six figure salaries constantly dining out each day which means about $30 or more in food expense. Again, that’s per day. Or constantly deciding to splurge on high ticketed events because it seems like they have nothing else to spend it on. Even if you are single with no family, you should try and view your money with an investment type of mentality on how that spending will help in the long run. It’s an irony of sort where even though it is true that starting a family can be expensive, it seems like it can actually be a way to help people to save money because it at least gives them something to focus on in terms of investing their money into their kid’s future as an example.
That technically means for those who say they can’t afford to start a family, perhaps they can as it forces one to start investing their money into something that grows versus a temporary comfort as an example.