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How Busy Families Can Manage Their Household Finances

How Busy Families Can Manage Their Household Finances

If you manage household finances then you know—the busier you are, the more complicated it gets. Keeping everyone on schedule, on budget, and on the same page is an incredible challenge, but these money management tips are here to help you ease the burden.

No matter how your family is structured or the role you play, organization is a universal challenge for people who lead full lives. It’s easy to get overwhelmed, which can make it difficult to manage household finances effectively. Luckily, there’s good news: there are concrete ways to lessen the burdens that come with trying to manage household finances – and keep you sane in the process, too. Take a look at these helpful tips and tools.

Share Scheduling Responsibilities

When schedules are full, things can easily fall through the cracks. If you or other family members have missed appointments because you can’t keep up, or you always seem to be running late no matter how hard you try, you’re likely familiar with the consequences. Not only can you miss out on important things, but you can also take a financial hit, too: forgotten appointments often come with steep charges.

So, what can you do to avoid this concern? Sharing calendars is a helpful way to help keep everyone in line. One strategy is to have a comprehensive family calendar so you and others can see who needs to be where, and when. Another tip is to have everyone be responsible for their own calendars and associated costs (think sports fees, membership dues, subscription costs, etc.).

You can also check out free smartphone apps like Maple or  Cozi Family Organizer. Tools like these not only keep track of a family schedule, but they can also function like a virtual digital assistant. For example, Cozi will email and text the members of your household to alert them of where they have to be and details of what they have to do. Apps are also helpful in keeping track of to-do lists, shopping lists, or other tallies, which can be shared with or delegated to other members of your family.

Stay on Top of Regular Payments

You likely set an alarm to wake up every morning—consider doing the same for any regular payments you can anticipate. Most services also offer the option to autopay, which is often the best way to stay on track (assuming you know you have the cash to cover these automatic payments each month).

It can be tempting to think you’ve got everything under control and you can keep all the important details in your head, but life gets busy and things pop up. Automate how you manage household finances as much as possible so you don’t subject yourself to late fees or a potential hit to your credit because of it.

Related Article: 5 Modifications to Make to Your Finances After Buying a Home

Be the CFO of Your Own Home

You don’t need a degree in finance to manage your household like a business. Setting an attainable family budget is relatively simple and, thanks to modern technology, it has never been more straightforward. Gone are the days of keeping and logging paper receipts and hand-scratched bills of sale to manage household finances. Now, you can have a powerful financial assistant in your pocket.

Mint is a fan-favorite personal finance app. It connects to your bank account and credit cards to help you manage expenses. It features in-app tools to help you chart your spending habits and figure out where you might be able to cut back or save. You have real-time access to your accounts, too, so you can make adjustments on the fly even during your busiest days.

Not only can tools like this give you the insight you need into your day-to-day spending, but they can also help you create a forward-thinking, intentional plan for your spending. In essence, they don’t just help you budget—they teach you how to budget.

Just like a CFO looks at the books to figure out a healthy financial way forward for their institution, you should be doing the same as you manage household finances. Technology can help you overcome some of the more time-intensive aspects of budgeting, keeping you organized in your busy life and streamlining your approach to savings.

Manage Household Finances the Smart Way

When you’re managing the many aspects of your busy life, it’s easy for your budget to take a backseat. Where can you find the time between work, logistics, traveling to and from activities, quality family moments, and all the other things that make up a busy life well lived? The truth is, it’s hard to think about adding even one more thing to your to-do list, yet having a strategy to properly manage household finances is critical.

With careful planning, smart tips to manage household finances, and easy-to-use tools, you can stay one step ahead of your family’s financial game. Taking the time to think through money matters now, and make sure you have even minimal organizational systems in place, can save you more than just cash—it may also save your sanity and give you greater peace of mind.

If you think you would benefit from more family finance and money management tips,  give us a call today. 

Illuminated Advisors is the original creator of the content shared herein. I have been granted a license in perpetuity to publish this article on my website's blog and share its contents on social media platforms. I have no right to distribute the articles, or any other content provided to me, or my Firm, by Illuminated Advisors in a printed or otherwise non-digital format. I am not permitted to use the content provided to me or my firm by Illuminated Advisors in videos, audio publications, or in books of any kind.


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