Discover Financial Freedom and Spend More Time With Family

Discover Financial Freedom and Spend More Time With Family


When you have a family, money can get tight fast. Rent, a mortgage, car insurance, utilities and health insurance stacked on top of piano lessons and family vacations. Sometimes it seems like the more money you make the less you have. As the expenses pile up, you have less time to actually spend with your family. It may be time to look at your family finances. Relieving income pressures allows you to enjoy life and the time you spend with loved ones. The best way to regain control of your life and finances and find freedom is to cut costs and simplify.

Money


It is important to refrain from spending more money than you make. This sounds intuitive, but with the popularity of credit cards, it is sometimes hard to accomplish. The first step to getting your finances in order is to watch where your money is going. It is easy to get in the habit of swiping that little plastic card without thinking about the money associated. Take some time to look over your expenses. What expenses are recurring? What expenses are necessary? What expenses are frivolous.

Reduce


After spending a few weeks, carefully watching your accounts and be aware of what your family is spending money on, sit down together and discuss.
Make a list of your monthly expenses that are necessary. These definitely include rent or mortgage, utilities, insurance, debt payments and groceries. Once you know the things you need, look for ways you might reduce those monthly expenses. Can you move to a smaller house? Maybe you can cook at home more often. Make an effort to reduce your utility bills by educating yourselves on power saving habits.

One way to cut costs is to look over insurance plans that you have had for years. Sometimes you can cut costs just by shopping around. For example, there are many Cleveland car insurance companies to choose from and even more plans available online. Shop around and inform your current carrier of any deals you come across. If they are not willing to work with you to reduce your bill, switch to a provider that will. You can do this with other costs as well.

Debt


It is imperative that you get out of debt. You can never really enjoy financial freedom when you have student loan debt, car payments and a mortgage. If you have mountains of credit card debt, call the company and negotiate a repayment. Cut up your cards and start living within your means. Your family might resist at the tightening up of spending at first, but everyone will adjust.

 

Budget


Now that you know where your money is going and you have reduced expenses anywhere you can, it is time to make a budget. Again, get the whole family involved. Everyone is more likely to cooperate if they have a say. Budget out your money down to the very last dime. Many people find the envelope system works well. You put money designated for certain expenses in different envelopes and are limited to what is inside each designated envelope. Come up with a system that works for you. If your monthly income fluctuates, consider using a percentage system.  Put money aside for something fun. This gives the family something to look forward to and strive towards. Maybe plan a vacation. You can periodically spend time planning together in order to keep your eye on the prize and remember what you are working towards.

Getting your family’s finances in order can be tough. Talking about money is never fun, but it is necessary. Once you are living within your means, you will have more time to spend with your family and take pleasure in the simpler things. Life is not about the things we possess but the moments we share.


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