Having a low income doesn’t mean that you can’t support and prepare your child for adulthood. There are tools and skills that they might need to become independent adults, and even surpass their existing living conditions, that might not cost you money. Thinking logically, buying a child anything that they show interest in, or ask for, might not help them to grow to be well-adjusted adults, especially if it puts you into debt. Instead, look at the things you can do that will be beneficial for them.
Putting money aside each month into a junior ISA, such as those found at this site, can give your child a bit of a helping hand when they reach their independence. By sacrificing a small amount of money each week, even if it is only a few dollars, you can allow this money to grow over time. The earlier you open the savings account, the more potential there is for growth until your child reaches adulthood. This could give them some extra freedoms, such as being able to afford a property of their own, or to purchase a means of transportation. Showing your child how to save could also help to prevent them from struggling with their money when you are no longer there to control it for them.
There are a number of skills, that you can teach from a young age, that could make your child’s adult life a lot easier. While they may learn a number of skills at school, or through socialization, some aspects can be taught within the home. As your child grows, they may need to know how to look after themselves, including the importance of good personal hygiene, and how to carry out essential housework tasks. Where income is low, you can also teach your child about the benefits of batch cooking, including how buying items in bulk can save money overall, and how to effectively freeze uncooked and cooked foods.
Alongside a good education and the life skills attached, there are benefits to your child that come from receiving affection at home. This can help them to understand what a positive relationship entails, as well as the types of behaviours people might exhibit due to negative circumstances in their lives. Secure attachments in the early years have been attributed to cognitive and emotional development too. Overall, if a child feels happier and more secure in their home life, this may give them the tools they need to make the effort outside of the home.
Having a low income may limit the number of things that you can purchase for your child, but that doesn’t mean that you can’t give them a happy childhood. By looking at your own knowledge base, you may be able to find ways to prepare your child for adulthood, without needing to sacrifice even further financially. Throughout this, you can also teach them to be grateful for the things they do have, rather than the luxuries they see others with.