Starting a family is a grand adventure. As you move from a single individual to part of a married couple and on to a part of a family, there are a lot of things to consider. Your finances change drastically at every stage of life. There are things you can do to help you prepare.
No matter the stage of life, you should always be budgeting. This simply lets you know how much you make, how much you spend, and what you spend it on.
Better Financial Choices
Financial management is the process of wisely budgeting, spending, saving, and investing your earnings. It is important to get on the same page about money when you are in a relationship. Couples that are in open communication money, avoid debt, and don’t spend more than they earn tend to have better relationships.
- Identify your habits and attitudes around money.
- Make a budget and live within your means.
- Avoid debt and use good judgment when it comes managing loans.
- Open a checking and savings account.
- Build an emergency fund.
- Set goals and have those difficult discussions around money.
Steps For Success
Getting on solid financial ground takes time and requires that you be intentional about your money. Here are some baby steps you can start taking. [Read more…]