WORKING MOMS KNOW THE BEST FINANCIAL TRICKS, 5 FAMILY TIPS TO KNOW
Here are 5 family financial tips everyone needs to know from a special group of people. Mothers today are also women who have careers and jobs. That means multitasking in every meaning of the sense. But that also means working moms have to stay on top of their finances, planning and futures for the whole family. So they get really good at it and know how to get things done. Why? Because they have to go back and forth, every day, between their mindset and approach at work and all that they have to do at home. Those are two hats that can be challenging to switch back and forth every day! So when working mothers have advice to give about their financial tricks and tips, it’s wise to listen. Below you’ll find 5 family tips you won’t want to miss.
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1. KEEP YOUR FAMILY FINANCIAL RECORDS SEPARATE FROM THE PERSONAL
This may seem arbitrary. But personal interests and family needs are two very different things. How do you prioritize unless you can see the distinction? What are the family’s needs separate from what everyone wants? Needs always trump wants, but you have to be sure to identify them. These lists are always linger than you think they are, especially everyone’s wants! So the key to this is to record every expense and every source of income. You will quickly find you have a lot of information once you start this practice. Then you get to make the hard choices about what’s most important week to week and month to month.
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2. AGREE ABOUT WHAT THE FAMILY NEEDS ARE TO BETTER PLAN AHEAD
Couples need to be on the same page about almost everything. But that’s especially true about budget. What are the family’s needs? Many are the same every month. But they do change and fluctuate. What do we need to spend money on? What do we want to spend money on? Do we want to make charitable donations? If so, to who? How about political donations? Or relief efforts? Of course, you need to have good records (see above!) to make these informed choices together. When these details are solid, you’ll find you squabble less about these things. That’s a godsend for any relationship….
3. BE STRATEGIC ONCE YOUR RECORDS ARE IN ORDER
After you’ve established your needs vs. wants and have an itemized record of what you’ve earned and spent over a couple months, it’s important to review and make informed choices. What are the priorities now? How did the spending patterns and previous month(s) work out? What do you need to change? Did most things work well or just a few? You have to address these questions to know what was wasteful, what was missed. Were you over budget? If so, how and why? Did you save money? So then what do you do with the extra? Many people enjoy the benefits to budgeting software and apps. If you’re not familiar, do some research and see what works best for you and your family.
4. PREPARE MONEY FOR HEALTHCARE NEEDS
No matter what you think, there’s always going to be extra costs when it comes to healthcare. How much that is depends on your health insurance and your family’s needs. But it’s incredibly important to be prepared for what you don’t expect. This can be the difference between economic security and the poorhouse. And if you’re over 40, you really have to do this. The risks only increase…
5. PUT MONEY ASIDE FOR FAMILY SAVINGS AND ADVENTURES
You’ve still got to have fun and you will needs the resources set aside to have it. Hey, look! There’s an amazing deal on an Alaska cruise! It’s a good thing we had money set aside because we can do it! But having family savings doesn’t mean you have to spend it. So that means every year you want the savings to be bigger than the last. That means planning. But that means including this in your priorities about needs vs. wants. Plan ahead, and plan ahead together!
So plan ahead, plan together and have less stress and more fun. These 5 family financial tips will help any household. Working moms know! That’s because working moms are great at wearing different hats.
