Family Budgeting
Aunque es poco probable que la crianza de los hijos sea un estilo de vida de bajo costo, puede usar estrategias financieras inteligentes para reducir los gastos y administrar mejor su presupuesto. Considere estas ideas útiles para su presupuesto familiar.
Know your family’s finances.
When you’re planning to or expecting to have a child, don’t put off reviewing your finances. Consider the potential impact on your budget and start saving early. Then, continue to review your budget regularly as your family grows and your financial situation changes.
As with any budget, you’ll need to track your cash flow. Note which expenses and income sources are fixed versus variable, which expenses are wants versus needs, and any monthly obligations such as loan payments. When you have a detailed list, you can adjust your lifestyle or spending habits to make the most of your finances.
Don’t overlook your seasonal expenses! If you have any subscriptions that renew annually, be sure to mark your calendar so they don’t come as a surprise. And be sure to budget for seasonal biggies like holidays, birthdays, and summer childcare. Speaking of which… our Summer Savers, Budget Saver for ages 18-25, and Holiday Club accounts are convenient options for seasonal saving and budgeting – click here to learn more.
Look for cost savings and tax relief.
While child care costs add up, many of these expenses could be reduced by seeking affordable or discounted alternatives. Some may even qualify for tax-exempt benefits.
Even if it means downsizing or relocating, growing families will sometimes seek more affordable housing to accommodate their finances. In a similar way, by locking in a lower monthly payment for Internet services, transportation, or childcare, you may be able to reduce your other fixed expenses, too – making space in your budget for more savings or variable expenses such as food, medicine, clothing, and travel.
As for the discretionary items, you can plan your purchases to save more. Coupons, sales, and thrift stores can be great for additional cost savings, but only if you’re avoiding “impulse” purchases and sticking to the essentials. A little extra savings in each of your spending categories could add up to a lot of extra space in your budget.
Find out if you qualify for tax credits, research any available public assistance programs, and utilize benefits that may be available through your employer, state, and federal government. Leveraging these benefits could result in big savings!
- If your employer offers a pre-tax Dependent Care Flexible Spending Account (FSA), you could maximize it for significant relief from taxed income
- If you have a High Deductible Health Plan, or HDHP, you may be eligible to use a tax-advantaged Health Savings Account (HSA) to pay for your dependents’ health care, from prescriptions to over-the-counter meds and from check-ups to emergencies
- Employee Assistance Programs (EAP) often have special discounts and offers available to help save you more of your hard-earned income
Don’t leave money on the table. If you’re eligible, tap into SNAP for food or apply for your state’s energy assistance program, and take the time that’s needed to understand the benefit programs that could help your budget meet your family’s needs.
Plan your budget – together!
For a family budget to be effective, it’s best to have everyone on the same page. Make it a priority to discuss these ideas together with all contributing earners and spenders in your family unit.
Although financial conversations may be challenging, they’re a valuable way to set shared goals and expectations for your family finances – and we can help! We offer free financial counseling to help guide important conversations about budgets, savings, and family goals.
Consider scheduling a free financial counseling session to explore your financial strategies. To get started, email our Financial Wellness team at education@visionsfcu.org.
Learn more about free counseling
Print our budgeting worksheets
Explore more budgeting tips and resources online
*This article is for informational purposes only. Visions does not provide tax advice; please consult a licensed tax professional. Consult your HSA provider for eligible expenses.
This article first appeared in MoneyMatters Magazine. Click here to continue reading our current publication.
