Our Family Financial Planning Free Printable worksheet is designed to help you with the process of setting realistic and achievable goals. We are also sharing 15 tips to reduce spending! Managing family finance is at the top of the list when it comes to setting goals, especially setting goals for a new year.
My husband and I sit down periodically and either set new goals or review the success of our previous goals. The key is to have goals in order to manage your finances instead of allowing your finances to manage you.
Please be sure to visit our Finance page for more tips.
Family Financial Planning. Have a family meeting to discuss your goals for this year. Print several of the free basic worksheets in this post and give them to each of your family members. It is important to involve everyone in the process of understanding family finance. Even the youngest members can be taught the importance of managing money by participating at their level.
Some of the questions you may want to ask yourselves include:
- What do we hope we can achieve as a family this year?
- How much debt can we realistically expect to pay off this year?
- Is this the year we will be forced to make major purchases such as an appliance, home repair or even mattresses or furniture. Try to be cognizant and forward thinking to prevent blowing the budget later.
- What does our savings account look like? Can we increase our savings this year?
- Will we be able to plan a vacation? (If the answer is yes to planning a vacation, now is not the time to actually plan the trip. That would distract from the financial goal setting conversation.)
- What are some ways we could possibly increase our income?
- What are some ways we could possibly decrease our monthly expenses.
It’s easy to get either really excited about the possibilities or depressed upon the realizations. Let your mantra be “If it is to be, it is up to me”
If you expenses exceed your income, there is help.
Check with Consumer Credit Counseling for assistance with things like reducing credit card interest fees and debt consolidation. They are a non profit organization whose purpose is to assist you with regaining control of your finances.
15 Possible ways to decrease family expenses:
1. Reduce your cable/satellite package
2. Turn off your cable/satellite package
3. Drop excess charges on phones such as Caller ID or Call Waiting
4. Turn off your land line phone, if you also have a cell phone. Why pay for both?
5. Do not renew magazine subscriptions.
6. Do not renew club shopping memberships.
7. Learn to garden and grow your own vegetables.
8. Quit smoking. Tobacco products create a giant dent in the budget.
9. Quit consuming alcohol. Alcoholic beverages are a major blow to the grocery budget.
10. Install a clothesline. The dryer is one of the most major sources of your energy bill.
11. Learn to prepare a variety of meals with leftovers. Check out this post for making 3 Meals from One Pot of Beans.
12. Take stock of your insurance premiums. We recently realized we were paying for a policy we had not needed in several years. Can you get a better rate at a different company?
13. Start using the Envelope System for expenses that make the biggest dent in your budget such as groceries and entertainment. Once the cash is gone from the envelope, the spending ceases.
14. Have ‘No Spending’ days or weeks where you spend no money at all. Most people can survive one day of no spending but challenge yourself to survive an entire week. No stopping at the store or trips through the drive-thru!
15. Learn ways to reduce your energy usage in the home. Check out this post, 7 Easy Ways to Reduce Your Winter Energy Bill Right Now
Can you share with our readers any tips which have had proven results in your family’s financial management?
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I'm in love with God, my husband, my two girls and all of my precious grandchildren.
I was 'raised right' in the south and am a firm believer in the Golden Rule. My favorite verse is Romans 8:28.