Many think that raising a family and saving money for your early retirement aren’t compatible. This is because raising children costs money, and this is right. However, this doesn’t mean that having children can stop you from retiring early. Many also dream of retiring early as soon as they start a family in order to spend more time with them instead of working long hours. There are 3 major reasons why having children won’t prevent you from retiring early. They can, in fact, help you retire much sooner than you otherwise would have.
You Will Get a New Sense of Urgency
Children are those who provide life with a new sense of urgency. However, don’t take this the wrong way. Having children will provide you with the courage you needed to start making major decisions about living life that you truly wanted. Every working person dreams of the days of retiring and there is a common theme occurring about feeling like you’re stuck in “one more year” syndrome of continuing to work at a job that you don’t even love that much. That is why people think about retiring early, but there are obstacles and challenges, such as health insurance and whether you have enough money to cover every contingency.
This is exactly how children can help. If you’re at work, away from your baby, you’re probably constantly worrying about other people raising your kid and you are missing out on so much. Plus, by the time you get home and do all the chores you’re left with only a few hours of spending with your kids. This is what encourages most people to simply retire early and have all the time in the world to spend with their kids and raise them in the right way.
Kids Change Your Priorities
Everyone knows that raising kids costs, often a lot. However, everyone fails to remember that your lifestyle can be much less expensive because priorities shift and your lifestyle changes. All those activities you used to participate in, as well as your hobbies and free time, prior kids, will now come to a change and even stop occurring. But, there will be many other wonderful activities that you will love doing with your child.
Children do come with new responsibilities and you will always want to provide the best thing for them. Also, they are a new mouth to feed and they might make dining out challenging and even impossible. But that doesn’t mean you can’t enjoy some high-quality meals right at home for much less money and with much more quality time spent with your family. Also, they will always be on your mind. You will always think about their school, if they have warm baby socks, clothes and shoes to wear, if they are healthy and happy and many other things. But on the plus side, those new priorities can become fun and you will still want to have enough time to spend with them, taking care of all those things, instead of being stuck overtime at work.
Children Can Make You Be Serious About Money
Yes, children can require additional costs and spending money, but did you know they can teach you about being serious about finances and how you spend the money? While we don’t have kids or even think about starting a family, we don’t think about where we spend our money and where do we find financial tips. Most couples rely on social media, blog posts, news and similar sources for savings tips, but when you have a child, you become more serious. You actually start investing your time in learning about finances and what are the best options for the future. That is how you can easily learn how to save up enough for early retirement and have a happy family at the same time.
All in all, kids can and will help you retire early. They do require attention and switching priorities but they will become your sweetest priority that you don’t want to neglect and miss their big moments. That is why you should know that nothing can stop you from an early retirement if you really want to do it.