Posts filed under ‘planning’

Money Management Advice for Parents

Today’s guest blog is written by Sara Bailey.

As a parent, knowing how to manage your money is essential to creating a solid financial future for your children. It will also help alleviate some of the financial stress that can rub off on your children. Money management requires some key financial planning moves that will ensure that you not only set goals but accomplish them as well.

You Need to Have the Talk

If you and your partner haven’t had a serious talk about money before, then it’s definitely time. According to OppLoans, in order to have meaningful communication about finances, partners need to be open and honest about their financial circumstances. It’s suggested that you get comfortable with discussing general terms before jumping into the actual figures or creating a budget. You’ll want to avoid making it personal but focus on setting goals that you can accomplish together. It might be helpful if you think about some ways that you can start saving money as a family and bring that to the table as well. These money-saving activities may include preparing meals to avoid overspending at the grocery store, using coupons or cutting back on the money spent on your children’s clothes.

Craft a Finely Tuned Budget

The Balance gives a good overview of the things parents need to consider when designing a budget. To start with, you’ll need to determine the family’s income and track your monthly expenses. It’s also important that you devise a plan to manage your debt and increase your savings. You should make sure that you’re filing taxes correctly as this could decrease the tax obligations and free up money for your savings. When designing and maintaining your budget, don’t be afraid to make technology your friend. There are a variety of apps available that can help you track your spending, pay your bills and help you reach your savings goals. Once you’ve saved enough, you can start putting money away for your children’s college tuition or a down payment on a home. It is possible to purchase a home with a minimal down payment, but you will have to pay extra for mortgage insurance. 

Start Your Estate Planning

Depending on where you are in life, it may seem odd to start thinking about what should be taken care of in case of your passing. It’s important to remember, though, that things don’t always go according to our timelines. When dealing with estate planning, you’ll need to consult an attorney to develop documents that will dictate who will make medical decisions for you in case you’re incapacitated and who will be your child’s guardian if they are underage when you pass away. You should also create a will and ensure that your beneficiary information for all policies and accounts are up-to-date.

Another key aspect of estate planning is putting life insurance policies in place, which will protect your family financially if something were to happen to you. The right term length of your policy depends on your age and how many people are in your household. You can use an online calculator to determine how much coverage you need and how the cost can fit into your budget.

Maximize Your Benefits

If you work for a company that offers great benefits like childcare facilities and extended parental leave, then great! Even so, you should research other programs that you might be eligible for as a parent. Some of these government programs include Head Start and Early Start programs that are focused on the school readiness of children from birth to age five, as well as the childcare and development fund that provides assistance when parents need to find childcare services in order to go to work or attend school. You should also look into the Child Tax Credit or Child and Dependent Care Credit that would enable you to save on your taxes.

Parenthood can be a bit of a challenge on your finances. However, it’s something you can handle when you take all the steps necessary to have things under control. Start discussing finances with your spouse, then begin to take measures to cut costs and save for what matters most. Follow Sara Bailey at: thewidow.net

Photo courtesy of Pexels

C. Lynn Williams, #MsParentguru

Family Dynamics Strategist, Author & Speaker

www.clynnwilliams.com

February 21, 2020 at 8:00 am Leave a comment

5 Steps to Overcoming the Guilt of Missed Milestones

When I was growing up, I never understood why my mom constantly talked to me about what to do if something other than what she planned – happened. I was the oldest, and she expected me to be able to continue to follow through if circumstances interrupted her plans for us. She was very intentional about planning and said it helped her manage her hectic schedule of being a wife, mother and a working woman, as well as ours. babys-hand-guilt-mom

As a wife, mother and entrepreneur, I realize how important it is to plan for the unexpected, whether it’s a car accident that causes schedules to be delayed or whether it’s a last minute science project and supplies have to be purchased. I also know what’s like to miss an event for my kids and feeling guilty about it. One of the ways I help my clients is to help them work through issues like guilt and keep guilt, stress and overwhelm from making them feel inadequate, overwhelmed or like a failure.

2017 is a great year to lose your guilt. As an entrepreneur, wife and mother, there was nothing that stressed me out like an unexpected event or family emergency. I’ve learned how to move past guilt and I talked about it during my webinar on Tuesday. I shared 5 key steps to managing guilt during my Missed Milestones webinar as part of a plan to help working women and mothers get a better handle on stress and anxiety.

If you missed this free webinar, no worries, the replay is available until Wednesday, March 1st

Click here to watch the replay.guilt-ridden-mom

Don’t miss it! Kick the chaos out of your life!

When I mentor my clients about finding their superwoman, I encourage them to determine what is most important in each area of their life: work, family and relationships. Once they’ve sorted out what’s most important, we go to work determining how to remove guilt and those feelings of being overwhelmed by what our family members and work associates think about the decisions we’ve made.

You can have a wonderful relationship with your partner and your children as well as a promising career. If making this happen is really hard for you, text CONSULT to 708.501.7060 for a complimentary discovery session with me.

C. Lynn Williams, #MsParentguru

Family Dynamics Strategist, Author & Speaker

Founder, Finding Superwoman™
http://www.clynnwilliams.com

February 23, 2017 at 6:18 pm Leave a comment


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