A family life professor offers four keys to raising a family when everything costs more.
Rising housing costs limit starter-home dreams. Childcare costs rival mortgage payments. Groceries and healthcare bills chip away at even meticulously planned budgets. And for many parents with young families, these big expenses seem to hit all at once.
The math isn’t simple anymore. Finances have long been a leading source of stress in family life, but the pressure feels amplified in today’s economy.
“Finances are always a common stressor for many families, and in recent years even more so,” says Ashley LeBaron-Black (BS ’16, MS ’18), BYU family life professor. Her research centers on family finances and how financial literacy shapes marriages and parenting. “I think top stressors for many families right now are housing affordability, childcare affordability, the job market, and paying for basic needs like groceries and healthcare.”
Beyond the money, parents are also navigating shifting expectations about careers and caregiving and what a “good life” should look like. Many are torn between time at home and financial necessity. Others feel pressure to meet a certain standard of living that may not be realistic.
LeBaron-Black says these tensions can’t be avoided today. “Life really has gotten more expensive,” she says. “But it’s also true that in many ways the luxuries of the past have become the expectations of today.”
What should families do to pursue stability and comfort in a difficult economy? LeBaron-Black emphasizes mindset shifts, open communication, and making intentional choices that prioritize both financial health and family relationships.
For parents working to improve their financial situation, expectations, and conversations, here are four places to start.
1. Determine what’s truly necessary. “Standard of living expectations have increased over the decades, and some families may need to reset their expectations in order to achieve financial stability,” LeBaron-Black says. “That could mean reconsidering a single-family home in favor of a townhome or apartment, adjusting expectations for the size of yard, and cutting back on eating out. The goal isn’t deprivation but realism, focusing on stability rather than maximizing lifestyle.”
2. Make intentional, united decisions about work and caregiving. Childcare and financial responsibilities “can both feel heavy and intense,” she says. Families may divide roles differently, but whatever the setup, LeBaron-Black encourages couples to “focus on what will work best for their own family in their own unique circumstances and not worry about what others do or what they think others expect them to do.” She encourages couples to support one another as equal partners—following the guidance given in the family proclamation.
3. Talk about money early and model healthy financial habits. “Even very young children can begin to form basic financial habits, attitudes, and values,” LeBaron-Black says. Money should be a common and open topic of conversation in the home. She adds that parents can teach principles in three ways: discussion, example, and hands-on experience. As children grow, conversations and responsibilities with money should grow with them.
4. Choose gratitude over comparison. Comparison, especially on social media, erodes contentment. But LeBaron-Black says that online posts are rarely the full picture. Parents could unfollow accounts that trigger unhelpful comparisons and instead join authentic support networks where parents are honest about struggles and successes. “Money isn’t the most important thing in life,” says LeBaron-Black. “Family is. And because family is so important, it’s worth sacrificing for and working for.”
