The average person’s relationship with money is ever-evolving. You may be in a season where you just can’t even open your bank account because you’re scared what you might see. You may be thriving financially causing you to look at money as a big blessing in your life. Or you might be strapped and barely getting by with the 40 hours you’re working right now, wondering where it all goes at the end of the month. 

Whatever season you’re in, having a healthy relationship with money is always easier said than done, but forming good habits early on will help you navigate those tough times when your emotions may be running wild. Here are some life and money tips for those unexpected stressful seasons of life. At the end of the day, no matter where you are in life, you can always go back to basic budgeting. 

Growing Your Family 

Anytime you welcome a new baby home, whether it’s your first or your fourth, it’s crucial to be prepared financially ahead of time. The costs associated with the birth or adoption of a child can be significant, not to mention the cost of diapers, baby food, bassinets, you name it. Growing your family is a season when your relationship with money might get frustrating—having to navigate insurance coverage and unexpected hospital fees on top of navigating new emotions as a parent. Money is the last you want to be taking up space in your mental capacity during this season of life. 

Tip #1: Plan, plan, plan. Be as organized as possible before welcoming a new baby, so you can be slightly lazy later when your mental stamina is running low. 

This tip gives you permission to make those middle-of-the-night Amazon purchases when your baby won’t sleep—"This sleep sack must be the cure!”—or the much-needed Starbucks delivery when you realize it’s already 5 a.m. and you should probably just get up for the day. This is because you’ve planned for it or, in other words, you’ve budgeted for it. 

When it comes to medical expenses, most can be estimated ahead of time. Work with your doctor’s office to determine what your costs will look like. If you have health insurance, call your provider and ask for estimates of what they’ll cover. They may even be able to help you estimate expenses for your hospital stay, or you could always call the hospital and ask. Knowing these numbers will help you create a payment plan or savings plan so that you can work these expenses into your monthly budget. 

For other costs associated with bringing home a new child, ask family members or friends who would be willing to share how much they spent on a new baby in the first few months. Things like formula, baby food, diapers, baby wipes, and bottles are necessities that you can budget for simply by looking up the costs at your local grocery store and estimating how much you’ll need. Having a designated amount that you can spend each month on baby items will give you permission to spend when you want or need to on your new bundle of joy. 

Running a Business 

Another similarly stressful season of life is owning and running a business. There are so many joys of being your own boss and fulfilling your calling every day, and there are also some challenges and learning curves. When it comes to the financial aspect of running a business, there are legal and ethical nuances that shouldn’t be taken lightly. Money can easily get out of control quickly if you’re not taking the care to properly learn each step of the way. 

Tip #2: Pay for professional services and advice upfront rather than paying more to clean up a mess later. 

This can be a tough pill for some business owners to swallow. When you launch your business, it seems like more money is going out the door before you’ve even made your first sale. That’s because it is! Part of owning a business is making an initial investment. Then once you’re up and running, you can make back that investment and then hopefully start to earn a profit. 

Once of the first things any new business owner should do is open a separate business banking account. Don’t ever mix personal and business accounts, and don’t use your business account for personal expenses. It sounds basic, but some business owners aren’t aware of the implications that could ensue if this simple step is overlooked or ignored. This is why working with a financial professional is an invaluable resource for setting you up for success. 

Aging Parents 

Carrying the financial and emotional burden of figuring out the right thing to do for aging parents is a challenging season of life. This scenario is usually unexpected because no one likes to come to terms with the fact that their parents are getting older. Once it’s clear that your parents need more than a daily visit or a ride to the grocery store, it may be time to think about long-term care options. 

Tip #3: Have the tough conversations ahead of time so family members can prepare financially.  

Once parents are well into retirement, it’s a good time to bring up topics like long-term care insurance or which sibling would be willing to take on the role of caretaker. These aren’t fun conversations to have, but it will help ease the anxiety that comes along with having aging parents. If one sibling decides that they will have the parents live with them, that will likely cause an increase in their expenses. Some siblings might work out a financial contribution plan or help out in other ways. 

A major added expense for aging parents is the cost of long-term care insurance. The average cost of end-of-life care is well above six figures, according to recent findings from the Alzheimer’s Association. Having long-term care insurance covers those expenses, whereas most health insurances do not. Helping your parents decide if they need to purchase a plan and then working the added expense into their budget will save them (and probably you) a lot of money. 

Making personal finance a priority in your life will help you navigate those tough situations with grace. Want to learn more? Sign up for my Know Your Budget Course where I teach you to navigate through all of these tricky situations. Together, we’ll develop a meaningful budget that will help your financial life thrive. Sign up today at KnowYourBudgetCourse.com.