Family life, they say, is a wonderful route to take. It’s full of experiences that you will surely cherish, and can also make you wiser through the years. Of course, it’s not an easy road to take. There are ups and downs, challenges, and some could end in a separation.
Between the husband and wife, a family is a relationship that needs much work for it to work. You need to agree on many aspects, including financially.
Trust Goes Both Ways In Financial Faithfulness
Keeping your partner in the dark about your financial decisions is not going to do either of you any good. In fact, it might just cause stress and disagreements. Of course, surprises for your spouse and children are all fun and good, but being secretive about your shopping or night out with friends can spell disaster if it goes out of control.
Whether you are newlyweds or have been staying strong for years now, once you find yourself (or your partner) being financially unfaithful, you need to have a sit-down and sort things out. Decide with your family what boundaries need to be set in terms of personal finances, and be each other’s support when times get tough. What about separated parents? First of all, it’s important to have a reliable child custody attorney settle custodial issues first and always make sure to meet the child support requirements. Even if you’re separated, you need to be financially transparent about monetary issues concerning your kids.
Utilize Automatic Payments
Whether you’re using a bank account, a debit card, or a checking account, there are several reasons why automatic payments are beneficial for your finances: They help keep track of where all your money goes; You don’t have to remember to make payments every month, and You get more time to save up when you don’t have to worry about paying bills right away (or at all). But if you have any questions about setting up automatic bill pay, you may want to call the financial institution that handles your bills, so they can walk you through it and show you how it works in their system.
The last thing you want is to put your credit card information into an online banking tool only to find out that you need to transfer your funds first before it can be set up! Also known as auto-pay, automatic bill payment allows you to make monthly payments on one or many bills without having to check with your biller to see whether the amount is correct.
Stay Out of Debt!
The last thing you need is to fall into another loan trap that will add to your troubles in the future, so avoid taking out any more loans for things like a car repair or holiday expenses, as these types of purchases will add to your already high monthly repayments over time and create a vicious cycle that will cause further financial problems down the track, making it even harder to get back on top of your finances and improve your situation going forward (if that’s what you want!)
Never Pay With Plastic
Pay with cash whenever possible — that will help you save money in the long run, especially if you don’t have a lot of spending money each month (you may find yourself eating lunch at work). But use your debit or credit cards for purchases where they make sense, like gas or groceries or big-ticket items like furniture or electronics or clothing — anything over $100 should be paid with plastic to maximize your savings rate and avoid paying fees.
When Paying with Credit, Be Extra Aware
If you’re tempted to make a big purchase such as a new smartphone or computer, think about how you can afford it first and if there are cheaper alternatives available instead – you may be surprised at what you can save by looking around online for some great deals! If you are planning to use credit cards to pay for your purchases, then ensure you keep a close eye on your spending and stick to a budget as well – just because you have a $100 credit card doesn’t mean you can spend $100 without consequences, but you do still have options other than spending every dollar you earn!
You cannot raise a family on an empty wallet. That’s the simple reality of things. Being smart with how you spend your hard-earned resources, putting them in expenses that helps you and your family thrive, is the key to managing both your family and finances.