Understanding how your family budget works is essential to beginning any family savings or family investments plan. You budget your money so your savings grow, but do you know what you’re actually saving for?
Understanding you won’t be able to reach the goals of every financial dream can be a real buzz kill. Knowing how to prioritize your savings and investments into something that makes sense for your entire family is a skill not all families possess.
Let us help put you on the right track…
- Focus on the goals that matter
- Be prepared for conflicts
- Put time on your side (if your younger, older, have money in stocks, 401(k) plans, etc.)
- Choose carefully from your list of goals – choose ones that will make you feel financially secure, happy or fulfilled
- Include your spouse in the goal-setting process
- Start now
- Try to defer or reduce large family expenses you might have – keep your savings goals in mind with all your spending
- Don’t sweat the small stuff
- Be prepared for change
