5 Steps toward a Stronger Financial Future

By Kim Moore

Learn How to Build a Secure Future for your Family

For the most of us, financial security is a huge priority when it comes to our family. Being able to provide food, shelter and a good life is paramount. There are many things that can stand in the way of a strong financial future, which is why we as moms need to do all we can.

One of the best things you can do is to eliminate any debt that your family has. Debt interest is a huge drain on families’ financial resources. And if you’re still using credit cards – stop. Here are 5 quick tips to help you take back your family’s financial future.

Stop using credit. If you have credit cards or other forms of revolving credit, you are choosing to keep your family in debt. This creates a vicious cycle of working just to repay the debt you’ve accumulated. Instead, vow to live on only what is in your bank account, and not to let your family go further into debt. By using only your debit card, cash or checks, you are making a choice to live within your means. Stop carrying your credit cards in your purse and instead plan to write checks for your purchases. This is a way to keep mindful of what you’re spending money on, and to make it less “easy” to spend. If you want to save even more money, order your checks by mail rather than from your bank.
Create an emergency budget. After you’ve successfully weaned yourself from using credit cards for your daily purchases, start to build a fund for emergency situations. With the money that you’re saving in interest payments, you can create an emergency budget for your family. This should always be kept separate from your regular expenses and can only be used for true emergencies. This way, you avoid having to pull out the plastic again when you’re in real need. If you must keep a credit card for emergencies, consider making it difficult to access, such as in a desk drawer at home. (Some people go as far as putting it inside a block of ice in the freezer~editor)
Consolidate your debt. If you do have more than one credit card that you’re paying for, or if your interest rates are especially high, consider a debt consolidation. You may be able to find a lower interest credit card to transfer your balance to. Just be sure you don’t use that card for other purposes. If you can’t find a lower interest card, you may want to check into a debt consolidation service. They may be able to help with reduced payments and even lower balances. They may also recommend using affordable checks as a way to avoid credit card purchases.
Stay out of debt. Now that you’ve gotten your family out of debt, you need to commit to staying out of debt. As nice as it is to go out and buy whatever we want, if the money isn’t there, we’re not doing our family any favors. One temptation to be sure to avoid is the feeling that now you can spend again since you’re out of debt. This is the trap that many moms fall into and that keeps the cycle going. Don’t let it happen to you.
Keep a list. Once you have a handle on your debt and are no longer using credit cards for your daily expenses, try to change your habits by keeping a list of what you need. When you go into the store without a list, you’re susceptible to impulse buying – and exceeding your budget. If you have a list and stick to it, you’ll buy only the things that your family needs.

Always keep your family’s financial future in mind. By changing a few bad habits, you can ensure a stronger financial future for yourself and them. And teach your kids exactly what it means to budget and watch your money – you’ll be teaching them a lesson that will keep them stay financially secure for their own futures as well.

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