My final thoughts are about Kids, Savings and Financial Goals…
#16: Overcome emotional spending. This is especially hard when it comes to providing for our kids. But remember you’re building their financial future too and changing your family tree in regards to money.
#17: Don’t enable your kids. It is good for them to hear no sometimes and to know that the family lives on a budget. Also, teach them how to earn money and save for things that they want to purchase.
#18: If you have grown kids in the house, charge rent. It won’t hurt them and will help them grow up. Plus, it may get them to move out sooner (if that’s your goal).
#19: Know the difference between a sinking fund and an emergency fund. Sinking funds are for specific items and emergency funds are for...well...emergencies.
#20: Understand what a true emergency is. Something unexpected, necessary and urgent. Christmas is not an emergency...it’s a sinking fund!
#21: Your emergency fund is not an investment. You must be able to get to the funds quickly. It is a buffer between you and life.
#22: Know your money goals. Must be specific, measurable, time-limited, your own and written down.
If you need help creating your money goals, let’s connect!