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10 Tips for a Financially Healthy Family
- Track spending to know where your money goes. Identify expenses that can be reduced or eliminated—and take immediate action.
- Expect and prepare for emergencies. Aim for six months worth of expenses set aside in a liquid account.
- If housing costs are too high, consider downsizing, renting or home sharing with friends or family members.
- Do not try to “keep up with the Joneses”. You are being “frugal” for the well being of your family over the long term, and will come out ahead by doing so.
- Explore nanny share care, babysitting co-ops, and subsidized daycare. Childcare is the single largest expense for most working parents, so investigate all reasonable options.
- Explore whether you would be financially better off if one parent were to be a “stay at home” or a “work from home” parent.
- Remember that you are the single greatest role model in your child’s financial education. Unless you have endless funds, accept that you can’t buy everything you want for your child. This is often harder than it sounds. He or she will remember everything, from discussions about money to how you deal with debt. Teach them good habits now and start their own Johnny Appleseed savings account to help!
- Pay for unreimbursed medical expenses and dependent care with pretax dollars using a flexible savings account. Check with your employer for availability.
- Commit yourself to spending within your means. A line of credit should never be confused with an emergency fund or extra income.
- Use Truity’s My Finance tool to help reach your goals! It’s free and ready to use in digital banking. My Finance helps you set goals and create a budget.