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Financial Implications of Blended Families

The number of blended families is on the rise. With the addition of new members to a family, there will undoubtedly be financial implications. This article details considerations you should make and ways of budgeting to accommodate extra people, which will support you in being a successful step-parent.

  1. Space

Does your current accommodation offer new family members, whether they will stay with you full time or on weekends, enough space? If not, what are you going to do to solve this problem? It would be unfair to expect a new partner’s children not to spend any time with you both. Perhaps, you can shift the bedrooms around to make more room or is an extension a possibility? Whatever you do, money is necessary to make things work fairly for all.

  1. Meals

With a greater number of mouths to feed, you will find that your grocery costs will increase significantly. Consider investing in a crock pot and bulk buying certain foods. This helps not only to cut down on costs, but also on the amount of time you spend slaving away in the kitchen. Finding a meal, which suits everyone’s needs, might be a challenge, but you will eventually find something to please them all!

  1. Transport

Do you have enough room in your current vehicle to transport everyone around? If you are lucky to have two cars between you, this might not be so much of an issue. However, if going on a day trip or even vacation by road, you must factor in needing double the amount of gas! If younger children are joining the family, make sure you have the correct car seats too; this is a legal requirement.

For those families who will require an additional or larger vehicle, make sure to shop around. Do you want to use HP (hire purchase) or another form of car finance? Ensure you choose the right deal for you, which fits your requirements.

  1. Holidays

Christmas is the most extravagantly celebrated holiday. Buying extra presents will impact your bank balance. Consider day trips or season passes so the entire family can benefit. Alternatively, buy things in advance when they are on offer: you can never be too prepared!

  1. Vacations

If you are accustomed to beach holidays abroad every year, it may be time to reconsider if your budget is stretched. Camping, glamping and caravan parks are increasingly popular for larger families and can be extremely fun. If you have a large age range, do ensure that you have done your research and the location caters for everyone. Being stuck on vacation with a miserable teenager complaining he has nothing to do is no one’s idea of a relaxing break!

This article covers only the financial implications and practicalities. It is of utmost importance to consider everyone’s emotions as well. A happy family is not necessarily the one with the most money, but being financially secure will certainly help relieve the number of worries you have. Making things work won’t be easy, but hopefully worthwhile. Good luck!


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