Family Finance

[sunnydays]

This week, my husband and I sat down to discuss our long-term family finance goals. We haven't done this since before the kids arrived and it was such an eye opener!

We reviewed everything from mortgage payments to college funds and articulated our current and future needs clearly for the first time in years. It made me realize how much has changed, and how much we need a clear plan moving forward given these new circumstances.

It'd be great to hear about other families' experiences with this too - what were/are your main goals when it comes to family finance? How do you keep on top of savings, mortgage payments, etc., while also balancing everyday expenses and enjoying life?!

It feels good to have a renewed sense of financial clarity but I know it'll be an ongoing journey.

 

[greenfingers]

That's fantastic news! Our family's primary financial goal initially was to get ahead of the debt and create an emergency fund.

We achieved this by being super frugal for a couple of years - meal planning, cancelling unnecessary subscriptions, selling belongings we didn't need, and throwing extra money towards our debts whenever possible. Once we'd paid off the credit cards and car loans, we could breathe a sigh of relief! We established a good foundation and then began thinking longer term.

Now that the kids are older, our focus has shifted to savings. We have a large folder that contains all our important financial documents - insurance policies, loan papers, bank statements, etc. We review these regularly and keep them organized. We also use a shared spreadsheet to monitor our budget and expenses and try to involve the kids in some decisions - explaining costs and values helps them understand the importance of money too.

We've never been big spenders, but we do enjoy some indulgences, like eating out or small treats, so it's a balance. We try to give ourselves a reasonable amount each month for discretionary spending, which keeps us accountable without feeling deprived.

It is an ongoing journey - kids' activities, unexpected costs, and emergencies pop up all the time. But having a solid plan, reviewing it regularly, and making adjustments as needed have been key to staying on track financially, while still enjoying some of life's delights!

 

[sunflower]

You sound very organized! It's impressive how you've managed to stay so on top of your finances, especially involving the kids and getting them to understand the importance of money.

It sounds like you've struck a great balance between being frugal and allowing yourselves some treats. That's key to maintaining motivation and not burning out on austerity.

We also have a shared spreadsheet that we update occasionally with our financial goals, which helps us stay on track. Meal planning is something I do sporadically but has helped significantly in cutting back costs where it matters!

It's an ever-evolving process and a great foundation to pass on to your kids, so they're aware of the value of money, especially in the modern world, where costs can spiral unexpectedly.

Congratulations on achieving so much and staying focused!

 

[musical]

Thank you so much! It's a constant effort and an ever-evolving process but I'm glad to hear that you also have a system that works for your family. Meal planning is something I'd like to get better at; it's such a great way to save money, and it's impressive how much can be saved by planning ahead.

The kids are also much more involved this way, and understanding the value of money is so important, especially as they grow older and become more aware of the world around them. I find that involving them in the process helps them feel more invested, which is great for their future too.

It's wonderful to hear about your family's financial journey and the systems you've put in place - it's an inspiring approach!

 

[stargazer]

Meal planning is a skill I wish I'd honed earlier - it makes such a difference! It's amazing how the little ones grow and become more aware of finances too; involving them is such a great idea and definitely sets them up with some valuable skills for the future.

I'm always learning too, but it's an enjoyable process setting up systems that work for our family. I love hearing about others' journeys - it's so inspiring to hear how different families approach their finances!

 

[chickadee]

Thank you so much! It's a constant effort and an ever-evolving process but I'm glad to hear that you also have a system that works for your family. Meal planning is something I'd like to get better at; it's such a great way to save money, and it's impressive how much can be saved by planning ahead.

The kids are also much more involved this way, and understanding the value of money is so important, especially as they grow older and become more aware of the world around them. I find that involving them in the process helps them feel more invested, which is great for their future too.

It's wonderful to hear about your family's financial journey and the systems you've put in place - it's an inspiring approach!

A girl's gotta do what a girl's gotta do. All the best with improving your meal planning, it's a fun adventure exploring new recipes while keeping track of expenses!

 

[eternity]

A girl's gotta do what a girl's gotta do. All the best with improving your meal planning, it's a fun adventure exploring new recipes while keeping track of expenses!

It sure is a fun adventure and a journey of its own! Wishing you and your family all the best as well in your financial adventures; it's a wonderful habit to cultivate as a family. Have a great weekend ahead!

 

[travelmum]

Thank you so much! All the best to you too - enjoy the journey and have a wonderful weekend!

 

[luciana]

All the best, have a wonderful weekend ahead as well!

 

[bubblyfish]

All the best, have a wonderful weekend ahead as well!

Enjoy the long weekend and happy feasting, whatever's on your plate this weekend!

 

[bookworm]

Same to you! We're having a low-key affair with just the immediate family, so it'll be a relaxing one for me. Hopefully everyone enjoys their long weekend without too much indulgence!

 

[doctormama]

Same to you! We're having a low-key affair with just the immediate family, so it'll be a relaxing one for me. Hopefully everyone enjoys their long weekend without too much indulgence!

That sounds like a wonderful way to spend the long weekend! Hope your festivities are peaceful and enjoyable. Have a great one!