10 Ways to Stay on Top of Your Family Finances in 2018

Is keeping your bank account healthy one of your 2018 resolutions?

Start the new year right by taking steps to secure a better financial future for you and your family.

If you want to stay on top of finances this year, these tips will help make things easier.

How to Stay on Top of Family Finance in 2018

  1. Set Goals

What goals do you have for your family finances? Maybe you want to build a college fund or save for retirement.

Staying motivated is easier when you have a clear goal in mind. This can help reduce money fears and stir up a healthy conversation about the family’s wants and needs.

  1. Make a Plan

After you set your goals, the next step is to create a plan.

So, where do you start? Begin by calculating how much money you need to reach your goal. Then, create a savings plan to help you reach that goal over time.

If you need help, consider talking with a financial expert like Tommy Mai.

  1. Have a Financial Detox

Have you looked at your spending habits lately? Nearly half of Americans have expenses that are equal to or greater than their income.

If your bank account is taking a hit, it’s time for a financial detox.

Look at your expenses for areas where you can cut back. Small sacrifices can result in large savings.

  1. Build a Rainy Day Fund

One way to better manage your family finance is to prepare for unexpected costs.

Get ahead of these expenses by building a pot of savings. This adds some cushion to your savings account in case you wake up to an expensive nightmare.

  1. Compare Expenses

Are you spending too much on bills? The new year is a good time to look at recurring charges to see if you can save money.

Shop around and call your providers to see if you can get a better deal.

  1. Prepare for Major Events

If you have major financial commitments ahead, start planning now! Keep a calendar of the vacations and holidays and start a savings plan.

Mapping out the expensive events in advance can save you from financial ruin.

  1. Have Conversations

Don’t be afraid to talk to your family about finances. It’s best to discuss things like savings, college funds, debt, and retirement.

Talking about money doesn’t have to be awkward. By having these conversations, your children can understand financial issues early on.

  1. Log Expenses

If you really want to get a pulse of your spending habits, start a daily budget planner.

Keep track of your charges throughout the week. By being aware of your spending habits, you can make positive changes.

  1. Save Regularly

If you don’t have a saving account, you are missing an opportunity to save money. Set up a direct automation that builds up your savings account each month.

Even starting a simple piggy bank can make saving money a habit.

  1. Be Realistic

The most important piece of money management is to set realistic expectations. You can make changes today but don’t be too hard on yourself.

Making changes to your lifestyle will be challenging. Healthy family finance will come over time.

The Path to Better Family Finance

As you set your goals this year, create a realistic plan for financial health.

Will you start taking steps to improve your family finance in 2018? Learn more financial wellness tips on our blog.

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