This is a guest post written by Sara Bailey. Visit the Guest Bloggers page to learn more about her.

Parents have a lot of reasons to be financially cautious; after all, it can cost anywhere from $150,000 to $400,000 to raise one child in the US. On top of that, arguing over finances is one of the top reasons couples split up or divorce. It’s no wonder that parents feel burdened by money woes more than most. Whether your child is 2 or 12, it’s never too late to make financial planning a priority. Here are five ideas to help you get started.

Saving for a Strong Down Payment

Purchasing a home is one of the biggest financial investments parents can make. There are a lot of options out there when it comes to loans, rates, and insurance premiums, but the more you can put down in the beginning, the more you can save in the long run. Shoot to save 20 percent for your down payment, though conventional loans allow you to put down as little as 5 percent. Plus, a strong down payment can save you on higher fees and rates, as well as keeps you from having to buy private mortgage insurance.

Strategize Your Debt Payments

From credit cards to student loans, more American parents find themselves facing financial debt than ever before. While these might not feel overwhelming now, when you are faced with college tuition, you may think again. Focus on paying off the highest debt or the bill with the highest annual percentage rate. Once you have knocked that down, take the amount you were paying monthly and add it on top of the debt with the next highest APR. Keep snowballing your payments until your debt is down to zero.

Do with Less When You Can

It’s easy to get wrapped up in the ease of comfort and convenience, but in truth, it’s not always necessary. Parents can make wise financial choices when they make an effort to live below their means in certain areas. For example, if both parents work, the one who takes the kids to school uses the car and the other can carpool or take the bus. Only when you’ve paid off the car and own the title should you look into purchasing a second one.

Purchase Memberships When You Can

Kids need entertainment, and as most parents know, that doesn’t come cheap these days. That’s where purchasing memberships can be financially savvy. Take your local zoo, for example; the admission price for a family of four can be more than $50. Add in food, drinks and a carnival ride or two, and you have roughly $150 for one time. However, many zoos offer an annual membership for around the same price, meaning you can go all year for the cost of one day. And don’t forget that memberships reduce the time constraint options. This can be especially helpful if you only want to get the kids out of the house for a few hours.

Make a Household Budget

When done correctly, a household budget can be liberating. While some see it as a ball-and-chain, others — especially parents — see it as a way to balance the needs and wants of the whole family. An easy and flexible way to do this is the 50/30/20 formula. Allot 50 percent of your income for bills, debt, and living necessities. Next, make sure all your additional spending — eating out at restaurants, going to the movies, Netflix, etc. — only adds up to about 30 percent of your monthly income. Finally, be sure to put at least 20 percent of your income into a savings account. Remember to set some aside for emergency savings as well.

It’s no surprise that parents face a great deal of stress when faced with tough financial choices. Planning, educating yourself, and prioritizing smart spending can help make those decisions easier — or even prevent you from having to make them in the first place.