Are you managing your child support payments efficiently?

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Are you managing your child support payments efficiently?

| Oct 15, 2019 | Child Custody |

Thankfully, your child’s other parent does a great job of coming through on paying child support. Could you do more to make the most of those payments to give your child a good life in Texas? 

GOBankingRates has a few ideas to consider. Learn how to maximize every dollar of your child support checks. 

Put a percentage of support payments into a savings account 

If you do not already, try to start putting a portion of each child support payment into a special savings account. This can be money for medical emergencies or your child’s college tuition. Maybe there is a school trip coming up that you need to start saving for. Even if you do not have a specific savings goal, it is still a good idea to put some money back, as unexpected expenses are almost a guarantee when it comes to raising kids. 

Learn how to be flexible with spending (and saving) child support funds  

Just like you may have to adjust your personal budget here and there to account for life’s seasons of feast and famine, it is best to adopt the same mindset with your child support budget. For instance, you may need to tighten your child support purse strings as the holiday season approaches, so you can buy gifts for your child. Other times, you may splurge a bit when your child does well in school or there is another reason to celebrate. 

Stick to the budget you create  

Write down all regular child expenses and how often they occur. To make this easier, you can divide spending into categories, such as extracurricular activities, education and housing. Once you have that budget, stick to it as much as possible, bearing the above situations in mind. 

This information is only intended to educate and should not be interpreted as legal advice.