What Do Your Family Finances Need From You This Year?
*This is a collaborative post*
When it comes to your finances, you need to have priorities. We all do. No matter if you’re married, or whether you have a family or not. If you ever want to be in full control of your finances and your financial status, then you need to make sure that you’re prioritising. And the way in which you do that is going to be very unique. Because the one that you choose to do isn’t always going to be the best way, or the way that works for everyone – but if it works for you, then you’re onto a winner. Yet, it can often take a lot of time for you to actually work out what that best way really is. Because you have to be intentional with your attempts and trial lots of different solutions. Now, the big question for many people may be – what are those options to trial in the first place?
If this is a question that you’re asking yourself, then you’ve come to the right place. And, more specifically, if you’re interested in working on your family finances, then you should find that the steps in this post are incredibly relevant to you. Even if you’re not and you want to work on your personal finances alone, these steps will be helpful. Because you can pick and choose which solutions are going to really turn your finances around. So let’s take a look at some of the things you can do.
First of all, it might be the case that your family finances just need a bit of direction. Now, you know that you need to be intentional with your family and in life in general. But this also applies to your finances too. If you just spend freely, you will never have control of your finances. But when you’re more intentional, you have a clear direction of where you want to take your family finances.
If you are struggling with your family finances, then speak up. Because you might just need a bit of guidance. If you’re in debt, reach out to your providers or a debt counselling service, because then you can work to get back on track.
Now, when it comes to the practical steps that you need to take, it’s important to have a family budget in place. It’s easy to see a budget as restrictive or something you need to have when you’re in a bad position. But it’s not. It’s just a smart way for you to control your money and make sure that you’re allocating it wisely.
As a step on from that, you may then also want to start tracking your spending a bit more. Because it’s one thing to set up a budget. But you can have the best intentions and then just not follow through. So unless you’re tracking everything, the budget isn’t going to work. For this, you can turn to different apps or you can simply keep receipts and record everything in your own spreadsheet. Either way, this is a strong way to keep a close eye on your family’s finances.
Sometimes, all your family finances need is for you to be a bit more frugal with your approach. If you know that you don’t really think when you spend, or you’re not being smart with your money, then being frugal can help you. Here, it’s not about being cheap – instead, the focus is on getting the best value for your money and being more intentional with how you spend or save.
Or it might be that the best thing for your family finances is a reassessment. Perhaps you want to make some changes to your mortgage or even buy a home? Looking at something like hdb loan calculator can help you to work out your options here. You may even want to do the opposite and sell your home and build or rent for a while as you allocate your funds to other areas.
The next thing that your family finances might need from you, is more savings! Do you generally tend to save money each month? Do you have a nice safety net behind you? If not, then it’s safe to say that this should become a priority for you. Take that budget that you’ve set up and allocate some funds for savings. As soon as you see the money build up, you’re going to feel much more financially secure.
But not only that, you might want to actually take things to the next level and think about investing too. Because you can only ever grow your money so much when you save with instant access options. Instead, you’re going to want to start investing – slowly, and in your own way. This can often be the key to growing your finances and giving your family a more prosperous future.
Or maybe you need to be thinking about investing in your family finances a little more? When this is the case, it could be that you want to start earning more. Because sometimes, we need to increase our income to have a better quality of life. Far too often, we think about cutting back. And sure, you need to be smart with your money, but the key is often to earn more too. So, think about how side hustling or passive income could do this for you.
Finally, it may be that you really need to put some kind of goal in place for your finances. If this is the case for you, then you’re not alone. Most of the time, to keep your finances in check, you need to be working towards something in particular. It’s not always enough to have direction. Sometimes you need that specific, concrete goal in your mind to work towards. And as you’re cutting back or earning more or saving up, this goal is going to help you to make it all happen.