We all want to be able to stay on top of our family finances, correct? There is no better feeling than being ahead of your finances, and successfully placing your money where it needs to go every month. I get a lot of questions about what to do when you need to get control of your finances, or even if you’re starting at the beginning and looking to tackle your family finances head on. First things first, everything will always be trial and error, and everything will always have room for adjustments. Lucky for you, if you start with these 3 keys to success, you’ll always find success!
This will always be the most important step in mastering your personal finances for your personal situation. No person or family will be the same, but a general key to success is to really plan and decide what is most important to you. Some families will have to focus more on sustainability and simply making sure that their financial input is enough to cover their financial output if they’re dealing with a tighter budget, other families will prioritize things like savings for the future, family outings, travel, or a little bit of everything. As long as you can pin point your family priorities this will set you up to make logical decisions about your money.
Saving is a must! There are no if ands or buts about it. If you want to put your family in good financial standing, be sure to always make it a point to pay yourself first. Even with a smaller income, single income, or being a family that lives paycheck to paycheck, there is always room to save something on payday. I had to learn this over time. I had to personally change my mindset when my family budget was tighter. Just because my bills were being paid, didn’t exempt me from being hit with an unexpected emergency, so really having at least some sort of emergency fund or sinking fund was a necessity.
Find out how we saved our $1000 emergency fund here!
Learn how to BUDGET. Never be afraid to approach and re-approach your budget. If you want to be able to master your finances for your family, my biggest advice would be to always know your numbers. Budgets are something that will always change, but once you learn how to set up a budget once, going back in to make adjustments will come easy. In order to master your money, learn how to create a budget! Know what numbers you’re bringing in every month, know what your various monthly expenses are, and know your priorities.
Learn tips on how to create your own family budget here!
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