https://www.googletagmanager.com/gtag/js?id=UA-155206585-1 https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js https://www.googletagmanager.com/gtag/js?id=UA-155206585-1
family finances

Family Finances: The Basics

Planning family finances is scary for a lot of people. But planning family finances isn’t as complicated as many of us think.

First, before you make a budget or even open a savings account, you have to get your mindset right. Your relationship with money needs to change.

After I started reading FIRE resources, I realized that I was looking at money ALL WRONG. Money became something else entirely to me.

Instead of a means acquire things, it became TIME. Time that I could spend with my family or doing things I enjoy. It became a symbol of my work!

Below, I have curated some super quick and easy ideas to transform the way you think about money.

Read them and tell me if you agree or what you change or add!

family finances

Planning Family Finances: Your Relationship with Money

First, I am here to give you a little bit of tough love.

Without a plan, nothing will change.

From now on, you can’t look at money as something that you just trade for things.

Money MUST represent pieces of your life.

For example, a person working minimum wage makes about $7.25/hour. That means they have to trade 30 minutes of their life for 1 gallon of milk!

How You Use Money

Second, you have to think about how you’re currently using your money.

The best way to see where your money is going to track your spending.

Keep your receipts if you use cash. If you’re a card person, then you can use apps that connect to your bank and analyze spending patterns for you.

Once, I did this and realized we were spending about $150 at McDonald’s in a month!

Join Money Savvy Mommas Email Tribe!

* indicates required

Creating and Sticking to a Budget

First, budgets that work start the month before the one you are actually planning for.

Go back to those receipts or the app, and look at how much you spent in groceries, gas, etc and give yourself a DOABLE goal.

That means one that helps you save money but won’t make you feel deprived.

Second, think about budgets as fences instead of a rigid, unmoveable wall.

A fence gives you space and freedom to have fun, but it still protects you from going too far.

That’s what a budget needs in order to be doable, right? Keep you in the playing field, but lets you have fun in a responsible way.

Ready to get a bit dirtier when it comes to planning your family finances? Join my Facebook group, Money Savvy Mommas!