Budgeting is not always easy but it’s good to start with the simple things and even better to educate your family on good finance. There are many things to consider when trying to get more from your money and i hope that these 30 tips for good family finance can help you start your journey to more wealth.
Take some time to teach your family about financial responsibility. Learn to grow and manage your wealth with these 30 tips for good family finance.
- 1 – Track Your Spending
Start to keep track of everything you spend, no matter how small. This will show you and your family just how easy small purchases can add up fast. We can always live on less and by making these notes you can begin to see the areas for improvement.
- 2 – Open a savings account
This doesn’t take a lot of explaining. A savings account is a necessity for the future, it can also be quite motivating as you see it grow.
- 3 – Create an emergency savings account
If you don’t already have one, now is a great time to set up an emergency savings fund. This is extremely important!!!
- 4 – Set a financial goals
Set some financial goals that take a bit of effort but are still achievable. Break it down into steps on how you can reach each goal.
- 5 – Count money with your children
Go through your notes and coins to help your children learn about money and it’s structure.
- 6 – Discuss needs vs. wants
Talk to your children about the differences between things they need and things they want.
- 7 – Discuss paying bills
Discuss the importance of paying bills on time and how it can effect you if they are paid late.
- 8 – Creative saving
Show your family all the different ways you can save money. These can be anything from turning off the lights, not wasting water etc.
- 9 – Introduce the concept of budgeting
Discuss with your family the importance of money management and setting a budget to live by.
- 10 – Teach Children to Save
This should be an ongoing process. Keep reiterating the importance of saving money!
- 11 – Skip the Latte
Things like your grande latte and cigarettes can eat away at your monthly budget, try cutting them out or at least cutting down.
- 12 – Talk about taxes
Talk with your family about taxes, explain to them who, what, why and when.
- 13 – Protect important documents
Safely store your important financial records.
- 14 – Explain comparison shopping
Talk to your children about comparison shopping. Show them that different stores vary in prices and also how different brands charge different prices for similar products.
- 15 – Quality time without cost
Do activities with your family that don’t cost any money and show your children what’s available to them. There are so many options from picnics to hiking.
- 16 – Shred documents with sensitive information
Talk to your children about identity theft and ways to prevent it and why it’s something they should always bare in mind.
- 17 – The credit card trap
Show your child a credit card statement and talk with them about the importance of paying on time, interest charges, etc.
- 18 – Learn while having fun
If you have a family night, why not play a game like Monopoly to help them learn simple concepts in a fun way.
- 19 – Compound interest
Talk about the power of compound interest with your family. To better understand read this article: Power of Compound Interest
- 20 – Budget for fun activities
Life is also for living so try to budget for fun things to do as well. A family holiday can create memories that will last a lifetime.
- 21 – Donate
Make a donation to the charity or have your child donate toys or clothes. Let them be very involved in the process and have them realize how good they feel doing something nice for other people.
- 22 – Read some finance material
There are many great finance and money saving blogs online. Find one that appeals to your family members and from time to time read and explain some articles.
- 23 – Talk to your children about entrepreneurship
Mention the idea of starting a small business (Age dependent)Some obvious choices are the old Lemonade stand or baby sitting.
- 24 – Have a yard sale
Yard (Garage) sales are great for many reasons. Not only can you generate money for savings or a family holiday you can also get rid of a lot of clutter which always feels good.
- 25 – Review a paycheck stub
Analyse paycheck stubs and explain to those in your family exactly what it all means.
- 26 – Research college costs
Do your research on college tuition costs and be prepared. Figure out the differences between public and private universities so that you can be clear for the future.
- 27 – Analyse your progress
Always examine whether or not you reaching your goals and if you’re not take necessary steps to keep on track.
- 28 – Educate on the history of money
Learn about the history of money and other financial concepts!
- 29 – Contribute to Earth Day
Do your bit for Earth Day by walking to your destination instead of driving.
- 30 – Start a piggy bank
Start a piggy bank today with the family, right now. You can use anything you like that has some sides. No excuses, start saving those coins.
Do you have any great tuips for families? Let me know in the comments.