Managing Our Family Finances Review

January 26, 2011

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Growing up money and finances was always a big deal in my house.  From my parents making sure I go to college, to working and saving enough to be able to afford their home and a lake house, etc. So, when Eric & I got married we both agreed that saving and planning were going to be a big deal in our household.  When we first started managing our finances, I was working at a bank and thought I knew everything... boy was I wrong!  I realized that we really cannot save every single penny, but we can save a little at a time.  Any time we get any extra on our paychecks, they go straight into savings.  Also, we try to put a portion of each paycheck into Bella's college fund.  We started that tradition when I first found out I was pregnant.  My Dad also puts money into a college fund for her every birthday, Christmas, Easter, etc.  We are hoping she'll get scholarships, and this money can go getting her first house one day, but just in case that doesn't happen, we hope to have enough saved for her to get her bachelor's degree at the school of her choice. 

So here's some suggestions we have to help keep control of your finances and maybe even save a little!

1) Make a budget.  Know what bills you need to pay each week and write them down or have them in your computer so that none are ever late.  We always pay bills before we ever go out to eat at a restaurant or go catch a movie, etc.  Those are just perks, not necessities.  

2) Keep every receipt.  This way you can look at your checking account online and make sure it matches the receipts you have.  This will also help combat identity theft.  I have heard horror stories of checkers at stores adding an extra couple dollars on your tab and never even know it. 

A look at how we budget our finances every week
3) Our last suggestion is keep it simple.  Know how much you have in your checking/savings account, and know what you need to spend.  Make a list for groceries, and keep a calculator with you when grocery shopping.  Know what your max to spend at the grocery store is and try not to go over it unless it's needed.  

We're no experts on finances, but we live happily & not stressful.  We try to go out once or twice a month, nothing to extravagant, but just a quiet night out.  We really hope this helps at least a few of you & would love comments on how your family budgets and finances!  

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