When it comes to money, not everyone is comfortable talking about it. That’s definitely something that we all have to face at some point. But dealing with money and talking about your financial situation is a really healthy and positive thing to do, especially when we are talking about a family. It’s not only going to help you to have a healthy relationship with money, but it will stop you from being stressed out too. It will make life a bit easier and it will allow you to show your kids how they should be with money too. But how do you do it? How do you make sure that you’re more organized with your family finances?
Luckily for us all, it’s not impossible to do at all. So let’s take a look at how we make this happen and enjoy better finances as a result.
Be Transparent
First of all, you need to be transparent and that means that you’ll want to know what finances you have and where you’re at with them. Being clear on the bills you have, when your outgoings are due, and what debt you have is always a good move. So try to get to know your situation first and organize everything. This will make it so much easier for you because you can keep better track of your expenses but also easier to explain to all the other family members about this.
Know What You Spend
As a step on from that, you’ll also want to make sure that you know what you spend too. You may find that you will feel more organized and in control when you are able to keep track of your finances. Have a budgeting spreadsheet set up or use an app to help you here. It’s good to always know where your money is going if you can.
As a tip, I can tell you that keeping track of your expenses does pay off. I am a bit old school and I keep an agenda with all my expenses and savings but if you want you can also do it online like I mentioned above. The key is to start and do this monthly.
Save What You Can
It’s also a good idea for you to try and save what you can, when you can too! It’s not always easy to do that, especially with the latest inflation but it’s a way for you to think about getting some money together and organized should you need it. It will help you to feel more secure and at ease knowing you have something aside in case something unexpected might happen.
Learn Your Kids About Money
I think this is very important and it should be done since they are little. By knowing the real value of things, they will learn that money doesn't "grow on trees" and they will be more responsible. I always talk with my girls about how much money I and my husband make and about our expenses.
To make things more fun and interesting we also play fun money games. My younger daughter loves to calculate so her favorite games are Cash Back and Grocery Cashier. They are very engaging and they allow her to practice her math skills in a fun way. My oldest daughter loves Mahjong Solitaire and she could spend hours playing if she wouldn't have a screen limit.
Set Goals & Be Responsible
As much as you know that you need to be responsible, you may find that sometimes you can get a little ahead of yourself. You should definitely know that it’s not a good idea to spend more than you have. So it’s essential to be responsible and hold yourself accountable. Having goals can help with this. Setting goals for your finances can help you to stay organized and give you something to work towards in the future too.
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