While you appreciate receiving child support to help you build a life for your child in Louisiana, you have to ensure you spend every penny of that support wisely. Do you have a budget laid out for your child support payments?
GOBankingRates offers guidance on how to properly manage your child support funds. Take steps to maximize all the financial resources at your disposal for supporting your child.
Note your current expenses
Before looking at how much money you have coming in, focus on how much you have going out. Write down your current expenses related to raising your child, noting whether the expense is the same every month or if it changes. You may want to make separate lists if you have more than one child.
Create a budget
With your current child-rearing expenses in front of you, create a budget specifically for how child support covers each individual cost. For instance, you may only need a small percentage of your support to fully cover the cost of transporting your kids to and from school and another percentage for feeding and clothing them. This budgeting method is also good in case your ex or the court wants to scrutinize your spending habits for your kids.
Save, if you can
If at all possible, look for ways to put some of your child support money into a special savings account. You never know when your kids may need emergency medical care, which can put a massive dent in your bank account if you are not prepared, even with insurance. Also, you may want to start saving for your kids’ college education.
This information is only intended to educate and should not be interpreted as legal advice.