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Your Family and Money Management – Creating Good Financial Habits

— January 20, 2020

Most families can manage their income streams and their expenses quite successfully with a few adjusted habits and smarter spending behavior.

For most families, money management can be a sore subject, especially when debt only seems to be piling up, while expenses expand no matter what you do. You want to make sure your kids get the finest education you can afford without applying for student loans, but you also want to take that family vacation, get a pooch, and pay off the mortgage on your home. Let’s not even get into families that wish to start their own business, renovate their home, or relocate to a new country. 

Plus, whatever you do will serve as a model of behavior for your kids, and you want more than anything to instill good habits in your children, to prepare them for the world they’ll soon need to tackle on their own. To stay financially stable and independent, there are certain money management tips you can add to your own strategy, and hopefully, the upcoming year will prove to be easier to handle and brimming with opportunities to save up. 

Get creative with vacation time

You want to pamper your kids and make the most of those precious days off from work, so you book an expensive holiday cruise for the whole family or you find a package deal for a beach vacation. Sure, these are all valid options, but sometimes you need to think in more frugal terms and find creative ways to bond with your kids.

Woman and boy touching faces; image by Bruno Nascimento, via
Woman and boy touching faces; image by Bruno Nascimento, via

A perfect example would be camping with kids during the warmer months of the year. Although you might need to invest in the gear, it will likely last you for years to come, and you can always find free camping spots, bring your own snacks, and have plenty of fun without burning through your hard-earned salary.

Look into your insurance options

As any loving parent and partner would confirm, certain things in life, health insurance included, are indeed invaluable. In such instances, you might feel tempted to reach for the seemingly most comprehensive plan on offer, no matter the hefty price tag it comes with, often no questions asked. However, you’d be surprised just how many treatments might be missing that could be necessary for your particular family. 

So, before you pick the priciest or the flashiest offer, make sure you conduct a thorough health insurance comparison online to find the most comprehensive and appropriate option for you and your family. When you compare different providers and policies, you’ll get a better view of your own needs and you’ll be able to get the biggest bang for your buck. 

Kick-start your savings plan

Do you already have your retirement and savings plan in place? Many families don’t start thinking about this segment of their finances until very late into their careers and parenthood, which can be detrimental to your overall financial stability. The sooner you start saving up for your silver years and creating an emergency fund just in case, the easier it will be to cut extraneous expenses and protect your family’s future. 

Diversify your shopping habits

With so many options at our disposal, it’s no wonder so many families tend to buy only with convenience in mind. Shopping at the nearest store may be fine, but when you need to save cash, you should time your buys to look for sales, discounted goods, and thrift stores, as well. This may not be the most glamorous way to buy, but it can help you save up and appreciate second-hand, often authentic goods you can find in such circumstances. 

Nowadays, you can also find social media groups dedicated to exchanging and giving away items other people don’t use, some of them brand-new and in mint condition, so that you can save on certain things and simultaneously make eco-conscious choices.

Start your own little side gig

One of the best ways to ensure you have the funds you need for all of your endeavors is to use your skills, knowledge, and education to expand your income sources. In fact, more families today rely on more than one or two earning methods, since we live in a time of greater work flexibility. You can easily kick-start an online gig such as selling your hand-made goods on various platforms, which is a simple way to manage your time and increase your income.

However, you can take up online work on a project bases via various freelancing platforms, be it as an English teacher, which is very popular nowadays, content writer if you have the skills, or even as a virtual assistant. Your options are endless, it only matters that you know how to manage your time, and the money will come.

Life can indeed get hectic from time to time, and you might need to dip into that emergency fund sooner than you expect. However, most families can manage their income streams and their expenses quite successfully with a few adjusted habits and smarter spending behavior. Use these tips to build your family’s financial safety and at the same time teach your kids the importance of smart money management choices for their own independence and happiness. 

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