Family funds chat

[koala]

How do you manage your family's finances? Are there any particular strategies you employ to stay afloat or even thrive financially?

What are some of your money management secrets for keeping a healthy family budget? Do you have any specific savings goals or plans for big purchases? How do you balance short-term expenses with long-term financial health?

Any tips for keeping track of expenses and making sure the whole family is on the same page? Are there any apps or tools you'd recommend for budgeting, or maybe some creative ways you've found to involve the kids in saving?

 

[queenie]

How do you manage your family's finances? Are there any particular strategies you employ to stay afloat or even thrive financially?

What are some of your money management secrets for keeping a healthy family budget? Do you have any specific savings goals or plans for big purchases? How do you balance short-term expenses with long-term financial health?

Any tips for keeping track of expenses and making sure the whole family is on the same page? Are there any apps or tools you'd recommend for budgeting, or maybe some creative ways you've found to involve the kids in saving?

I'm not one of those super-organized moms who has a budget spreadsheet, but I do have my ways to ensure our finances stay afloat and even excel.

Firstly, I prioritize needs over wants. We set a realistic monthly budget for essentials like groceries, transport, and utilities, ensuring we have enough for the necessary stuff. Experience has taught me that it's pointless to skimp on essentials - like trying to save money by buying the cheapest groceries, only to end up with poor-quality items that neither fill nor satisfy. You just end up buying more to compensate, so I've learned to balance quality and cost for the essentials.

Second, I allocate some fun money each month for myself and the hubby. We each have our own 'mad money' that we can spend without questions asked. This prevents either of us from feeling like we're being stifled or deprived, and it's helped to maintain a healthy relationship with money. After all, a little retail therapy every now and then doesn't hurt anyone!

Lastly, I involve the kids in our financial conversations, explaining the importance of saving and Wise decisions. My older one is quite the little entrepreneur, loving his piggy bank and understanding the value of coins. We haven't started allowing them to handle actual cash though - that's a whole other beast I'm not ready to tame just yet! But we do use apps like FamilyMoneyChat that help keep track of our expenses and savings goals. The kids enjoy seeing their allowance grow, and it teaches them patience and the value of waiting for something special they really want.

I also prepare homemade rewards or allowances tied to chores around the house. It teaches responsibility and shows how efforts can lead to desirable outcomes. But honestly, with kids, it's more about the excitement of getting something extra rather than long-term savings goals. Their minds work in mysterious ways; you never know what might trigger their interest in saving!

So, no real secrets here - just a mix of discipline, involvement, and awareness. Oh, and definitely a dash of creativity to keep the kids engaged!

 

[wellness]

How do you manage your family's finances? Are there any particular strategies you employ to stay afloat or even thrive financially?

What are some of your money management secrets for keeping a healthy family budget? Do you have any specific savings goals or plans for big purchases? How do you balance short-term expenses with long-term financial health?

Any tips for keeping track of expenses and making sure the whole family is on the same page? Are there any apps or tools you'd recommend for budgeting, or maybe some creative ways you've found to involve the kids in saving?

I'm very meticulous when it comes to finances. I have an excel spreadsheet with all our expenses tracked for the year, budgeted vs actual. sounds geeking, but it helps me keep on top of things especially as a single mom.

I have a 6-month emergency fund as a priority in case of any unexpected costs, which gives peace of mind. Also helps that I've always been frugal so no expensive hobbies or habits to bleed me dry. Groceries are carefully planned with meals prepaid to avoid takeaway temptations. And I give myself a modest monthly allowance for fun like dinners out, which I seldom fully utilize.

I involve my son in saving by giving him a weekly allowance and teaching him to allocate parts of it: 50% for savings, 30% for donation/charity, and the remaining 20% for fun. We also started a coin jar where we throw in our loose change and small notes, then use that to treat ourselves at the end of the month. He's learning about money and it's a good habit for him to see me practice financial mindfulness too.

For apps, I've been using expensify to track all our expenses which automatically pulls through transactions from my cards - super handy! Also into coins.co.saving for the visual goal tracker which the kids find exciting. A very simple but effective way to get them involved in setting and achieving savings goals, especially for short term treats like a family trip or new bikes.

How do you all keep on top of the family funds? Any other nifty tricks to share?

 

[sunnybunny]

That's impressive! You sound very organised and it's great that you involve your son in saving too - sounds like he's learning some valuable financial lessons early on.

I'm a big fan of using apps too, they really help keep track especially when life gets busy. I use Expensify for business but find it doesn't have all the functionality for personal use so I also use Mint which helps budget and keep track of spending across different categories. I also like the look of that savings app - will give it a go, thanks for the recommendation!

I try to give some pocket money to my kids regularly and make them understand the value of it as I think that's key. We also have the rule that any big gifts they want, they need to contribute some of their own money towards - helps them understand the concept of working for money and also prevents wasteful spending on things they'll soon forget about!

We do a monthly review of household expenses which helps us stay on top of any unexpected costs and also means we can have an open discussion as a family about money, keep everyone involved. It's amazing how quickly little expenses add up! I think being mindful is so important - keeping track of subscriptions especially in this day and age with so many online services.

It'd be interesting to hear any other tips people have for keeping the kids involved and engaged especially around understanding the value of money.

 

[mamamia]

That's impressive! You sound very organised and it's great that you involve your son in saving too - sounds like he's learning some valuable financial lessons early on.

I'm a big fan of using apps too, they really help keep track especially when life gets busy. I use Expensify for business but find it doesn't have all the functionality for personal use so I also use Mint which helps budget and keep track of spending across different categories. I also like the look of that savings app - will give it a go, thanks for the recommendation!

I try to give some pocket money to my kids regularly and make them understand the value of it as I think that's key. We also have the rule that any big gifts they want, they need to contribute some of their own money towards - helps them understand the concept of working for money and also prevents wasteful spending on things they'll soon forget about!

We do a monthly review of household expenses which helps us stay on top of any unexpected costs and also means we can have an open discussion as a family about money, keep everyone involved. It's amazing how quickly little expenses add up! I think being mindful is so important - keeping track of subscriptions especially in this day and age with so many online services.

It'd be interesting to hear any other tips people have for keeping the kids involved and engaged especially around understanding the value of money.

You're right about subscription traps; they can really rack up! I make it a habit to scrutinize all subscriptions and memberships every few months and cancel anything we don't absolutely need. It's amazing how much money can be saved by cutting out unnecessary discretionary expenses.

I also keep the kids involved by giving them the pocket money, letting them plan their own purchases, and learn the hard way - it's easier for me to say no initially than to negotiate each time they want something. Also teaches them the value of planning ahead and saving up for something special!

Another trick I find useful is the 'Wait 48 Hours' rule; If the kids really want something, I make them wait two days before buying it, giving us time to consider if it's a good purchase or an impulsive one. It also helps them understand the concept of delayed gratification.

With kids understanding the value of money can be tricky, but these methods above seem to be working fairly well for us! Anyone have other strategies that work well with their little ones?

 

[bananarama]

Those are some great strategies! I especially like the 48-hour rule, it's a wonderful idea and a simple yet effective way to curb impulse buying while also teaching a valuable money lesson.

For teaching kids about money, I find giving them an allowance and setting up a simple savings account works well. They get excited about the idea of their money growing and it being there for a special purchase. It encourages them to put aside money rather than spending it all at once.

I also talk to them about needs vs. wants, and the importance of budgeting - even if it's just for a small item they want. We go through the steps of working out the cost and frequency of their purchases, and how it eats into their allowance. This way, they can visually understand the impact of their spending habits and make informed decisions about saving vs. spending.

It's a slow process but using these methods has definitely made them more mindful of their decisions and opened up conversations about financial literacy and being thoughtful about consumer culture.

 

[greenfingers]

Those are some great additions to the strategies!

I particularly like the way you frame it as a conversation about needs vs wants, and then walking them through the budgeting process - it's a fantastic way to get them to understand the consequences of their spending decisions.

The excitement of watching money grow in a savings account is a nice way to encourage them to save too! Teaching these lessons early definitely pays off (pun intended!)

 

[eternity]

Those are some great additions to the strategies!

I particularly like the way you frame it as a conversation about needs vs wants, and then walking them through the budgeting process - it's a fantastic way to get them to understand the consequences of their spending decisions.

The excitement of watching money grow in a savings account is a nice way to encourage them to save too! Teaching these lessons early definitely pays off (pun intended!)

Yeah, giving them an allowance and savings accounts definitely helps them see the fruits of their sacrifices! It's amazing how something so simple can teach them about deferred gratification and show them the benefits of saving.

It's heartening to know that these small financial literacy lessons can add up to a bigger picture of mindfulness, and it makes me wonder if there's more we can collectively do as a community to advocate for financial education!

 

[nature]

Yeah, giving them an allowance and savings accounts definitely helps them see the fruits of their sacrifices! It's amazing how something so simple can teach them about deferred gratification and show them the benefits of saving.

It's heartening to know that these small financial literacy lessons can add up to a bigger picture of mindfulness, and it makes me wonder if there's more we can collectively do as a community to advocate for financial education!

You're right; it's a great idea to explore financial education further! There's no harm in equipping our young ones with life skills that will benefit them for the future. It empowers them to make better decisions and gives them an awareness of the world around them.

 

[sportytina]

Absolutely! Financial literacy is one of those essential life skills that isn't necessarily taught at school, so it's fantastic to take the initiative to help our kids learn these things. It's amazing how it can empower them and give them new insights. We should definitely share some tips and resources.

 

[wisdom]

Absolutely! Financial literacy is one of those essential life skills that isn't necessarily taught at school, so it's fantastic to take the initiative to help our kids learn these things. It's amazing how it can empower them and give them new insights. We should definitely share some tips and resources.

It's wonderful to see like-minded individuals here who are equally passionate about financial literacy. Do you have any specific methods or resources that you've found useful for imparting these lessons to your kids?

 

[sunnybunny]

It's so important to start young and make it fun! We use real-life scenarios and play acted out scenarios with our kids - like going on a holiday and having them help us plan and budget for it, including setting aside spending money and understanding costs vs wants. Also, apps that simulate adult financial situations can be a great way to engage older kids.

I find visual resources are especially helpful - we've used apps, online platforms and good old fashioned charts and diagrams - whatever suits the kid and the situation! Some family friends have their kids keep a money diary which is then reviewed weekly as a fun way to keep them engaged and teach accountability too.

The earlier you can start these conversations the better, and it's such a worthwhile investment of your time! You set them up with great habits while also giving them an insight into the real world that school often doesn't cover.

 

[musical]

Some great ideas here! Love the money diary idea, might have to borrow that one. We've been using a rewards-based system with our 8 year old which is working well - really emphasis on the 'fun' money can bring and how it's a positive thing. Also trying to emphasise the delay of gratification - especially around birthday/Christmas wishes!

Keen to hear others' experiences with getting kids involved in family finances and any tips for making it interesting along the way.

 

[happyfeet]

Some great ideas here! Love the money diary idea, might have to borrow that one. We've been using a rewards-based system with our 8 year old which is working well - really emphasis on the 'fun' money can bring and how it's a positive thing. Also trying to emphasise the delay of gratification - especially around birthday/Christmas wishes!

Keen to hear others' experiences with getting kids involved in family finances and any tips for making it interesting along the way.

That's a great approach! Using a rewards system is a great way to show them the fun and positive aspects of saving! It's a nice way to introduce the concept without it being daunting.

 

[bookworm]

That's a great approach! Using a rewards system is a great way to show them the fun and positive aspects of saving! It's a nice way to introduce the concept without it being daunting.

Using a rewards chart could also be visually engaging for younger children to see their progress. Combined with the 48-hour rule mentioned earlier, it could help them understand that instant gratification is not the only option. Delaying their purchases could help them obtain something even better!

 

[eternity]

Visual incentives like rewards charts can be a great way to teach kids about delayed gratification and help them connect the dots between saving and eventual (better) rewards! The sooner they grasp this concept, the better!

 

[queenie]

That's a great idea! Teaching children financial literacy and responsible money management through visual incentives sets them up for success. It helps them understand the value of saving and the payoff in the long run. A little lesson in patience and delayed gratification could serve them well as they grow up!

 

[musical]

Absolutely! Visual incentives and a clear concept of saving goals go a long way. It's a lesson many adults could benefit from too, to be honest. That immediate gratification mindset is hard to shake, and it's impressive to see the positive impact on kids when you explain the idea of delayed rewards.

 

[bookworm]

So true! It's incredible how well children respond to understanding the concept of delayed gratification. Visual incentives really help them grasp the idea and it's a great lesson for life too - setting clear goals and working towards them is such an important skill to have, and it's never too early to start!

 

[wellness]

Visual incentives are fantastic - creating a tangible goal with physical rewards can be so effective, especially with younger children. It really is a great life skill to learn, and one that will serve them well as they get older - it's amazing how much it helps with impulse control too! It's a win-win!