The Financial Benefits of Community and Shared Parenting

Introduction:

Parenting can be a handful, even worse in the case of single parents. Having gone through the experience myself, I can relate to the burden that come to catering to the needs of a young one.

While there are cases of single parents who’ve done a good job in raising their kids alone, we don’t usually recommend that at Play & Proper. Aside from the fact that doing so is physically and mentally draining, it can also have profound effect on your finance due to the cost of raising a child.

To ensure a more stable environment for kids to develop, we strongly recommend shared parenting where both parents are actively involved in the childcare. Alternatively, community parenting where trusted family and community members help out is ideal when the other parent is not around.

Why are we so particular about community and shared parenting?

We’ll provide eight reason why it’s a no-brainer for successful parenting, especially when it comes to finance, in this article.

Let’s get started.

 

Financial Benefits of Community and Shared Parenting

Here are some financial benefits that comes with adopt a shared or community parenting when raising a child: 

 

Saving

Saving as a couple, depending on the financial capabilities of the party involved, is not easy. However, since both parents are involved, it is much easier to save and take proper care of your child.

Both parents can develop a saving plan that works and act as an accountability partner to ensure each individual commit to the joint cause. This way, both partner can encourage each other to pursue their savings goal, increasing the change of success.

On the other hand, single parents might have to bear the whole financial commitment towards saving alone. This can mean more time and inconvenience in trying to attain set goals.

Looking for the best high yield savings account to save for your child’s care? Here are some of the banks that offers the best rates of the market:

⮚      SoFi Checking and Savings

⮚      Barclays Online Savings Account

⮚      American Express® High Yield Savings Account

⮚      EverBank Performance℠ Savings

⮚      Synchrony Bank High Yield Savings

⮚      CIT Bank Platinum Savings

 

Health Care

Health care takes a huge chunk of the total cost of raising a kid. If you’re going to raise a child, you should be ready for several appointments with the doctors – and it’s isn’t free.

Children, especially young ones below 10, are susceptible to health issues and require a lot of attention. As a single parent, you might find yourself struggling to pay for your child’s healthcare services.

Shared parenting gives more financial leeway for healthcare expenses. There are also health care packages that are meant for shared parents, and help kids access health options. There are also health savings accounts that are designed to cover medical expenses.

When in a financial pinch, you can always reach out to family and friends to help out.

Looking for the best health savings account provider? Here are some excellent options to consider:

⮚      Lively

⮚      Fidelity Investments

⮚      HealthEquity

⮚      HSA Bank

⮚      Bank of America

 

Childcare

Shared parenting allow more resources to provide childcare services. It is easier on each parent when childcare expenses are split, and it gives room for better options. However, single parents often have to shoulder the entire cost of childcare.

Furthermore, community parenting can completely remove costs from the process. One family member or neighbor can volunteer to take care of the kids when both parents are out working, at little or no cost.

Related Articles: Navigating Childcare Options – Costs, Choice and Subsidies

 

Other Benefits of Community and Shared Parenting

Aside from financial benefits, there are some other reasons why going communal and shared is the right way when it comes to parenting. Here are some of the major benefits:

 

Child Development

Kids need more than one parent figure in their lives. Various research and statistics have supported this fact stating that children do better when they grow under the supervision of both parents. With shared parenting, it’s easier to establish structure and discipline in your children’s life.

As a parent, one of your main duty is to ensure your children learn good values and behavior that would mold them into socially acceptable adult. Kids are exposed to different attributes from both parents and the community, and they learn from this.

To this effect, ensure both you and your partner with the environment you live in provides that good exposure.

 

Stability

The presence of both parents and extra care from the community helps children feel safe and stable. This sense of stability is essential in the emotional and mental development of children. Children that grow up in a stable environment are less likely to make wrong choices that can affect their lives negatively.

 

Better Relationship

Children who grow up in homes with shared parenting and community parenting are exposed to relationships and bonds from an early age. This is good for building character and learning how to interact with others.

Kids raised by both parents and the community tend to develop stronger bonds and are able to develop relationships with others better.

 

Reduced Stress

It is stressful raising a child alone, children are a lot of work; they never seem to get tired and are always ready for the next adventure. Shared parenting reduces the amount of stress each parent has to deal with.

Shared and community parenting gives you time to do other things while your partner attends to the gives and vice versa. You can also entrust your kids to trusted members of the community and take some time off with your partner.

 

Better Academic Performance

The presence of both parents goes a long way in a child’s academic performance. A child supported by both parents and the community is more likely to perform better in school.

 

Bottom Line

At Play & Prosper, we remain a strong advocate for shared and community parenting when it comes to raising functional and socially acceptable children. Aside from the financial benefits, this type of parenting can help build a secure environment for your child’s development.