Running a household can be difficult at times. As parents, we have a lot that needs our attention including our financial responsibilities. One thing that can be quite a challenge is managing the household finances. However, you don’t have to continue to let the idea of bills and money talk stress you out. There are ways to take control of your finances and get on the path to financial success. Keep reading to learn how.
The first step towards taking control of your finances is getting clear on your goals.
First, get clear on your financial goals. Are you trying to pay off a certain amount of debt? Do you know how much monthly income is necessary to maintain your current lifestyle? Are you trying to save for a particular event or life change? Sit down and actually answer these questions. Set income and savings goals and make sure you have a way to track your progress.
The only way to know how much money you are spending in relation to how much you are making is to have a solid tracking system in place.
There are many apps out there to help you monitor and track your spending such as Mint. I use the Mint app but I also keep a binder for my bills. Additionally, I have separate bank accounts designated for: Bills/Direct Deposits, Food (Grocery and restaurants), frivolous spending, and savings. I place a set amount of money in my Food, Frivolous Spending, and Savings account each month. This way, I am able to set a monthly budget for each category and stick to it.
Regardless of how much money you make, a budget is necessary to maintain control over your finances.
It is very important to create a budget if you really want to take control of your finances. It is equally important to monitor your finances to make sure that you are staying within your budget and are on track to meet your financial goals.
If you feel you need assistance from a professional, don’t be afraid to get it.
Seek help where needed. Perhaps an accountant or financial advisor is needed. Maybe you just need some help consolidating debt and working to get it paid down. Whatever it is, do not be afraid to seek help from a professional.
It is definitely possible to get a handle on those finances and once you do, you will feel like a huge weight has been lifted from you.
If you are looking for ways to start saving with your family, be sure to check out my post on Fun Ways to Save Money.
*All quotes by Briana Marie of majorleaguemommy.com