Money Matters: Focusing on Finances

Spread the love

money matters, money talks, tips and tricks, budget and finance

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

money matters, money talks, tips and tricks, budget and finance

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.

  1. Emergency fund ~ Start out building an emergency of $1,000 to start. Put every bit of cash you can spare into this account until you reach your goal.
  2. Get out of debt ~ Debt can really weigh you down and put a strain on your relationship. If you marry a person, you inherit their debt. Work together to get any student loans or credit card debt paid off as soon as possible using the snowball effect. Start by working on paying off your lowest obligation first. As you free up money, apply it to the next debt.
  3. Increase your emergency fundYou want to work towards building an emergency fund that can cover three to six months of expenses. This provides a safety net in the unfortunate event that one of you gets laid off or falls ill or gets severely injured.
  4. Invest in your retirement ~ Start saving for retirement. Work toward setting aside 15 percent of your household income for this purpose. You may also consult with a retirement planning advisor to better guide you on how to invest for your retirement.
  5. Start savingIf you have children, start putting money aside for college. It is also nice to have a savings account that allows you to go on fun trips or splurge occasionally.
  6. Pay off your home as early as you canDon’t make minimum payments. As your wealth grows, make bigger payments on your house.
  7. Get insurance ~ Some insurance is required by law. If you don’t have auto insurance, check into Nashville auto insurance. Consider other types of insurance as well. Now that you are building a family, it might be time to get life insurance. If you own a home, you need homeowners’ insurance. Insurance makes unforeseen accidents a little less devastating.

Setting Goals

Sit down with your family and discuss financial goals. Money management comes easier to some than others. In order to fully commit to a budget and curb bad spending habits, it is good to have a goal in mind. It is easier to avoid expensive lattes if it means you will be able to get out from under a mountain of debt or you get to go on a vacation.

Discuss with your partner what your financial goals are today as well as in the future. How do envision your retirement? Do you plan on having children? Are you interested in traveling? Do you want to start your own business or have a parent at home while the children are young? These are questions you need to discuss together. As you talk about your lives together and your hopes and dreams, start discussing ways to accomplish financial goals that support these dreams.

:camera: via Pixabay {first 2 images}

Spread the love

You may also like


  1. I agree with all your tips. It is very important to get out of debt if you really want to save. After you paid your debt, stay away from loan so you can have more savings fund.

  2. I’m slowly learning about finances as we want to be financially stable soon. We already have an emergency fund and we continue saving every payday. I hope we can have a passive income soon. We wanna do it not just for our retirement but also for our child’s schooling.

    1. Yes, it really is important to prepare not only for retirement but also for our children’s education and future. Here’s to building up our finances this year and securing up our future! 🙂

  3. Oh totally agree! Everyone has to be in on it for your financial plan to work! Or at least, in our case, me and hubby. But we do explain to kids. Not that they have a say in our finances like that, but it adds so much stress when they ask for so many things and whine. I know it’s a character issue and we can deal with it, but still! stressful pa rin!

    1. I know what you mean you say the kids whining can be stressful! Haha. But, yeah, it is best to let the kids in on whatever financial, or other, plans you might have. At least, those that their young minds can easily absorb. It makes them feel more grown-up and more accountable, and, hopefully, more willing to participate 🙂

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.