Juggling family finances can be tricky. Transitioning from that familiar feeling of “where did all the money go?” to setting your family up for the future is no easy feat. So where do you start?
Setting tangible goals is a great first step when sorting out your family fainances. Goals encourage focus, measure progress, and help to keep your eyes on the prize. Setting specific, realistic targets with clear reachable steps can help you hit those financial goals.
Here are some ideas to help set you family finances and get you ahead financially:
Watch Your Spending
Taking notice of your daily expenditure can be horrifying but it’s also the simplest way to see how money can be saved. Time to take control of your family finances and daily expenditure, make changes, and stick to a budget. Don’t be discouraged if you feel like you’re only saving cents instead of dollars, every little helps and you’ll be amazed how it all adds up.
Prepare for Rainy Days
Major life events seem to pop up when you least expect it. It’s essential to have a pot of money available for those emergencies. Unplanned travel or funeral costs, car repairs, or even hospital expenses can push you into massive debt if unprepared. Putting a little aside each month alongside adequate insurance will take some worry away from already stressful situations.
Demolish Debts
Credit cards, loans, even paying back the bank of mum and dad – most of us have debts we want to eradicate. Set a target amount that you want to clear this year and work backward to calculate how much money you should put towards debt busting each month.
Save, Save, Save!
Once your current finances have been assessed it’s time to look to the future. Perhaps a family holiday or saving for the kids’ education is your main aim. Whatever your goal, it’s amazing to see your hard-earned money grow into something positive or fun for the family. You deserve it.
Whatever your financial goals, make sure you write them down, review them regularly, and don’t underestimate how much you can achieve over time. It might seem overwhelming right now, but striving towards carefully planned goals can result in a fantastic financial legacy for your children.
Here at FDG, we are always available to help you out. We offer a free no-obligation Financial Discovery Session to discuss your specific needs and goals. Contact our team today and let us help your family on the road to financial success.