6 Ways to Set-up Your Family for Financial Success
Talking about money with your spouse is always tricky. This is why we avoid it at all costs, but that only leads to more tension because spending issues go unresolved. But, when we come together with our spouses about finances, it’s a beautiful thing. We have more intimacy in the relationship and we are happier when we succeed in reaching financial and family goals together.
Today I’m going to highlight a discussion we had in the Dad Edge Alliance with financial guru and Your Income, Your Life author Jeff Bouwman, and share six ways we can have peaceful conversations about money, lifestyle, and spending habits.
1. Carry Cash
In our society, it seems crazy to carry cash, but you can reduce your spending by 12-20% by using cash for coffee, restaurants, or groceries. These little items you buy when you’re out and about sum up to the second largest expense to the house payment. If you pay for these items in cash you spend less because you question the purchase before you make it, and you won’t buy it unless you have the money in your wallet.
2. Create a Yearly Family Plan
Once a year, gather your family, sit down, and start talking about the things you want to do in the coming year. Create an annual goal for vacations and experiences. Estimate the cost for each one and prioritize it. Agree to save the money needed each month to fund each goal.
3. Talk to Your Spouse Like This
When you approach your spouse about spending, don’t put the spotlight on her. Recognize that the only spending behaviors you want to focus on are your own. We identify our own bad habits first and how we can change them. Then she will probably offer to find where she can improve as well.
4. Recognize Value
Although you are trying to save money, don’t scrimp on the things that are important to you. Spending money on things like filtered water, exercise equipment, gym memberships, or organic food is costly, but nothing is more important than your health and wellbeing. Investing in quality items intelligently will avoid costs in the decades to come.
5. Talk About Spending Before It has to Happen, and Not After
If appliances or electronics seem like they’re on their way out, prepare for it. Talk about the fact that you’re going to need to save money to replace them.
6. Look at Budget as a Forecast
Usually people don’t view a budget as a good thing. It’s important to be open and reward yourself. Spend some money that you saved and enjoy it once in a while.
How to Pay Off Debt and Create Financial Security for Your Family with Jeff Bouwman
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