A successful and happy family is the unity of two people who are mature both emotionally and financially.
As for emotional readiness, it is quite an abstract concept that is almost impossible to measure.
However, as long as it comes to financial maturity, it is about your and your spouse’s ability to wisely handle your budget, both personal and shared.
What are the signs you two are failing to manage your finances properly?
There is no need to emphasize that financially secure parents have much more opportunities to give their children a chance for successful future than those who live in a rented apartment, need to pay off debts and have no substantial savings.
What is more, the chances are that your kids will inherit all your bad financial habits because after all, parents are the role models for their children.
Finally, having children is extremely expensive even if to save on everything – is your family budget ready for this?
It is great if you or your spouse have rich parents, but still try not to turn your family into their charity case. This is actually one of bad financial habits your children may inherit in the future and you probably don’t want to keep paying for them forever.
Even if you do not depend on any of your loved ones, make sure you do not also borrow money on a regular basis. Even if you need to do it this month, try to make your best to pay your debt as soon as possible and avoid getting into the same situation again.
Income diversification is the basic principle of personal finance management. Luckily, there are many opportunities to find a source of additional income – everything depends on your skills and time resources.
For example, you could ask your boss to give you an additional project or simply find some freelance-based job.
Apart from this, you could start offering some services like giving lessons, coaching or consulting, SMM or babysitting. This may even become your business one day.
Finally, you could get involved with direct sales – top sellers from Avon or Jamberry Nails make tons of money. At the same time, be realistic about your expectations, especially at the very beginning.
This is very typical of people who have just found a good job but have not developed a skill to manage their earnings properly.
As a result, they spend a fortune during the payday week and then borrow money to stay afloat until the next salary. In order to avoid this, your family should know the amount of your common income and expenses, as well as financial goals and limits you should not overcome. A
part from this, it is very important to create an adequate budget plan and learn how to keep it.
In such a way, personal finance management is an art your family needs to master. You will probably need months to develop effective money-saving skills, but this is still a reachable goal.
After all, the hardest thing is just to start.
Dustin Riechmann created Engaged Marriage to help other married couples live a life they love (especially) when they feel too busy to make it happen. He has many passions, including sharing ways to enjoy an awesome marriage in 15 minutes a day, but his heart belongs with his wife Bethany and their three young kids.