TwitterRSS
Or, subscribe via email

Supporting

Let's Talk Babies!

There are many reasons that you may want to take a look at your family finances.  The current state of the economy, of course, has many of us evaluating our spending and saving habits.  Perhaps you are planning on staying home with your baby and need to take another look at your budget to make sure you can manage it.  On the other hand you may be returning to work and will need to add that big expense of daycare.  It is always a good idea to make a little time now and then to take a look at your budget, including spending and saving habits, and make a few little adjustments so your budget meets your current and upcoming needs.  

Here are a few tips to help you get in the saving mode and keep that family budget in line.

  • Log your spending.  This will help you see where you can trim some excess spending and will also give you an idea where most of your money is going. 
  • Pay yourself first.  Include yourself in your monthly budget.  Determine what you want, ie retirement, vacation fund, college fund, etc.  Set up savings accounts or investment accounts with automatic transfers from your checking account or pay check. 
  • Stagger your savings due dates.  If you have money going into several savings and investment accounts stagger the automatic withdrawal dates so that all the money doesn't come out at once.
  • Make paying down debt a priority.  Being out of debt will make all the rest a lot easier so making it a priority early on will allow you to become debt free sooner.
  • When you finish paying off a loan or a credit card take the money that you normally would have paid to that bill and put it in a savings account.  You will see that this builds up a nice little cushion for you and will help you avoid going back into debt.
  • Open a couple of savings accounts.  Open one where the money will be fairly accessible and another where you can't touch the money (at least not easily).
  • Save your loose change.  Some banks offer a "keep the change" type thing where the change from your purchases will be automatically transfered to your savings account.  Of course, the good old change jar works too.
  • Determine your families needs and make a budget.  Stick to the budget.  If you want to make a big ticket purchase force yourself to save for it instead of purchasing it on credit. 
  • Re-evaluate your budget on a regular basis and make the necessary adjustments as your needs change.
  • Teach your children about money early.  It is a great gift to give your child and will make dealing with money a lot easier for them later in life.

If you aren't sure how to get started consider talking to a financial planner, particularly if you aren't sure how to get started with your savings and investments.   

0saves
If you enjoyed this post, please consider leaving a comment or subscribing to the RSS feed to have future articles delivered to your feed reader.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>