Getting Our Finances In Line

Moms take care of not only the kids and the house but usually the finances as well. With four kiddos and a husband, it can be difficult covering all expenses. I had to learn how to budget and get my finances in line quickly to be able to afford even the smallest of luxuries. When you have children, you have to learn a healthy balance for money, teaching them along the way that you must work for what you have.

 
Spend wisely
The first way I got my finances in order was to learn how to spend wisely. I had to figure out what I actually needed rather than what I wanted. It can be easy to want something and purchase it on credit. What is not so easy is paying back what you owe. Over time, I have learned how to save for what I want rather than purchasing items on credit. This was possibly the smartest lesson I have learned. Instead of owing multiple payments, I simply pay for items in full! When considering major purchases, think about if you really need the item. Consider how long it would take to save up for the item and wait so that you can own it outright instead of paying more in interest and fees.

 
Teach Your Children Well
It is not uncommon for a child to ask for money. They might want a new toy or an older child might want to go to the movies with friends. Children who are not taught the value of money will slip into being bratty or having issues with money later on in life. Begin when your children are small to teach the value of money. Give them an allowance or make them work when they want something. Showing how hard work pays off will definitely pay off for your child in the long run.

 
A Balanced Budget
As the accountant for the family, I must make sure we stay on budget. Every month, I keep track of all our bills and money coming in. I make sure we have enough to pay bills and try to have enough to put into savings. My staying on top of the money spent, I know when we need to cut back or when we might have extra that can be used to go to the movies as a family or get ice cream as a treat. It takes time and effort, but staying on top of your finances with regular budgeting can only benefit your family.

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Teresa Bailey

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