Integrated Family Community Services 3370 South Irving Street, Englewood, CO 80110-1816 Ph: 303-789-0501

Family First: How Mom and Dad Should Manage Their Finances

Being a parent means that someone is watching everything you do. Those little people in your life learn how to do everything based on your example. This includes how to manage their finances. Therefore, it is important that parents set a positive example by practicing the healthy financial habits listed below.

Pay Attention

When you make a purchase, whether large or small, pay attention to the value. Are you paying the best price for big ticket items like furniture? Is there an online promo code you could use to reduce your cost, thereby increasing your value? Is a club membership really saving you money? Rushing to make a purchase can lead you to pay more than necessary.

Keep a Record

Writing down how you spend every penny is very enlightening. Developing this habit shows you what you value. Each time you make a purchase, jot it down in a special notebook, just for tracking your money. When you keep this kind of record, you can notice trends over months, quarters, and eventually the year. You can also buy your child a small notebook of their own to copy your habit.

Get a Mortgage

Paying rent is one way many families lose money. In many markets, a mortgage payment is actually less expensive than paying rent. Additionally, many families gain access to additional year-end tax breaks from the interest they pay on their mortgage loan. One main advantage to getting a mortgage loan is that your monthly payments are consistent year to year, which makes long term budgeting more effective.

Be Consistent

Consistently setting aside money every paycheck for higher priced expenses like auto repairs, furniture upgrades, or gift giving has a huge pay off relative to the sacrifice. It can be difficult to follow this advice, but it will make managing large expenses, whether anticipated or a surprise, much easier to handle. Setting aside a three month savings fund requires consistency as well, but reduces the stress between mom and dad once it is in place.

Moms and dads should always strive to manage their finances in a healthy way. CNBC reports that the leading cause of relationship stress is money. By being good stewards of the money you have, whether small or large amounts, you can reduce the strain on your marriage. Each of these four tips can go a long way to improving your financial situation.

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Integrated Family Community Services is a 501(c)(3) non-profit organization.

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IFCS’ Tax ID # 84-0579740