1.Understand your family finances.
This means understanding what you spend now to understand how to save for the future. Analyze your current spending/saving patterns and habits. Do you really need all those Starbucks drinks? Isolate it in terms of what you spend a week. Then you can catch things you may spend too much on, and see the impacts of leaner weeks too.
2.Limit your monthly bills.
Try to limit unnecessary bills. Do you really need the newest phone? Is the highest speed internet really worth that much money? Align your bills with your family’s priorities and goals. If you want to be more active as a family, maybe you don’t need satellite TV. If you want to be more present with your kids, then maybe you don’t need that much data on your phone.
3.Plan to be spontaneous.
This may sound contradictory, but this can be a life changer. Analyzing your spending can be exhausting and stressful. Build in a little wiggle room to allow some time for your family to relax and have fun without the pressure of wasting hard-earned money. That way you can still be spontaneous when you want to be, but with a built in cushion!
4.Think of your financial status the way you would your health status.
As in, take it seriously. The way your health needs regular check-ins and checkups, as well as maintenance, you will see how your planning/saving needs tweaking. And with your diligence, greater financial stability brings better overall health – financially and emotionally.
5.Don’t do it alone.
Commit to these goals with your spouse. If you are a single parent, find a friend that can walk through this challenge with you and hold you accountable. And be sure to include your kids in the conversations of making financial priorities and your goals of spending less and saving more. Showing them your commitment to financial freedom will pay dividends in the long run.