Overcoming The Rising Cost Of Healthcare, Childcare And Tuition

The rising cost of healthcare, childcare, and college tuition are among the biggest concerns for young people entering the workforce. Rising cost of basic needs have caused many to look outside themselves, searching for a solution.

Some expenses have to be paid before we even get to work for the day.  The baby has to be cared for, health care plan has to be funded, and we still have that debt from school hanging over your head.  The burden of these basic expenses can be a distraction from making progress toward your goals.The burden of basic expenses can be a distraction from moving forward Click To Tweet

Life Comes at Us Hard

As soon as we enter the workforce, we start to realize the amount of work it takes to earn money. There are expenses to commute to work. There are expenses for baby care. There are school loans to be paid. There are insurances and health care to pay for. All kinds of expenses that we pay for and we haven’t even made it to work! These are only a few of the seemingly endless expenses we encounter that try to separate us from the money.

Dreams fade fast in the light of reality. The dreams we had during adolescence seemed so real and achievable. There were no limits then. But when you realize how hard it is to earn and accumulate money, you forget all about those things you were going to achieve when you were younger.

You start working and next thing you know money is coming out of your paycheck before you ever see it. Just to go to work, you have expenses like childcare, and clothes appropriate for the job. You’ve got to pay for insurance. And, oh yeah, you still have to pay back the student loans you took out for school. What did you spend all that money on anyway?

Costs keep going up, but pay rates are not keeping pace. You might be afraid that you will never be able to out-earn the rising cost.

Overcome The Rising Cost

Address rising costs by becoming aware of them before they become an issue.  Prioritize spending and make a spending plan. Determine ahead of time where your money will be going and prepare yourself for expected expenses.

Don’t get into debt. Debt brings with it more expenses. Finance charges and interest rob you of the resources you need to meet your expenses. The spending plan will help you avoid the pitfall of debt. If you are struggling with existing debt already, my earlier blog post, Launching A Practical Get Out Of Debt Plan has some ideas to help you deal with it.

Look for an employer that will pay for tuition and childcare.  There are some companies that provide in-house child care. Some provide better health care than others. Tuition assistance is a benefit at some companies.  When considering a job offer, don’t fixate on the pay, ask about these and other benefits that might be worth more than money. Matching your needs to the company’s benefits package is often overlooked when searching for a job.

Working from home became a fairly popular benefit a few years ago, but has begun to decline.  This was very good for the employees who could get the benefit.  Not only did it help with childcare expenses, but with transportation, and clothing expenses too! Can you still find an employer that is offering this as an option?Can you still find an employer that is offering working from home as an option? Click To Tweet

Why Not Have the Government Pay for it?

So many have started thinking that maybe socialism or socialistic programs might relieve the stress of these expenses.

Why would socialism not help you? Because you have a long future ahead.  Don’t be short-sighted.  What if taxes paid for your education expenses for example? It would cost you more in the long run because you will have to pay enough taxes to cover the expenses of college students for the rest of your life. Four years of college expenses compared to forty or fifty doesn’t even compare, does it?  You have got to consider that you will one day be on the other side of the equation.

For more examples of why the government doesn’t hold the key, read Why Young Americans Should Not Abandon Capitalism.

Sticking your head in the sand won’t help. Your best solutions included learning and facing the challenges head on. The challenges won’t go away if ignored.

How Do You Beat it?

The bottom line solution is to out earn the problem, find an employer whose values match yours and is willing to invest in you.

Some actions that you can take include:

  • Improve your resume. For some tips read, How To Write Effective Resumes For Better Careers.
  • Improve your mind. Read, and educate yourself in finance and ways to provide more value to your employer.
  • Research online opportunities.  Learn about multiple streams of income and find sources that are compatible with your gifts and abilities. A new article on Seed Time’s site provides a list of 31 legit home-based business ideas. The key is finding a niche that fits your skills, aptitude, and motivations.

Now you have the tools to create a future where the basic needs are no longer an obstacle, use them to grow your wealth.

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