4 Financial Struggles Big Families May Experience

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If you grew up in a large family or now have one of your own, you are likely all too familiar with the financial struggles large families can face. Because there are more mouths to feed and more bodies to clothe, it makes sense that things are a little more expensive than in smaller families. If you are new to a large family though, you may not be aware of these struggles or how to deal with them. Here are 4 financial struggles big families may experience at some point. 

Inheritance 

Often one of the largest financial struggles a big family will face is when the matriarch or patriarch of the family passes away and the time comes to divide up the estate. This is especially true when the family is blended and everyone doesn’t necessarily get along. Creating an estate plan for a large blended family is very complicated. The best thing you can do is hire a lawyer or professional to help you with it instead of trying to do it yourself. 

Housing

In a family with several children or one where multiple generations are living under the same roof, an obvious issue that is going to come up is the biggest expense there is: the cost of keeping a roof over everyone’s head. With rent and mortgage prices skyrocketing in many areas, it can be difficult to figure out not only a way to pay for housing large enough to fit everyone in the family, but also in a location that makes sense for your family in regards to work, school, etc. With a larger family it can be really hard to find a home within your price range that has enough rooms for everyone, but keep trying and make sure every adult in the household is able to contribute to rent/mortgage in some way or another. 

Childcare

With multiple children, expenses are higher, meaning that the adults in the family may have to work more than they would if they only had one or two children. Unfortunately, longer hours at work may mean more hours that the children need to be in childcare, which can get really expensive in itself! The good news is that usually in large families there will be somebody of age that is willing to watch the kids for free. Try to utilize your family members before spending too much money on childcare! 

Vacations

Vacations may seem nearly impossible with large families, but people still manage to figure out ways to take them. Of course, multiple plane tickets or a car large enough to fit everyone is going to cost a bit more. Luckily, many airlines and other travel companies offer special group deals for people which are definitely worth looking into.

Having a large family can be wonderful, but it can also cause some extra stress because of how expensive it has the potential to be. Communicate well with every member of the family to make sure you feel supported and not alone and you will be just fine!