Five Things I’ve Learned Managing Family Finances

Universal Studios Orlando
This is a partnered post.

That was the trip we went on in September, a big surprise to our kids, but in order to make that happen I had to plan meticulously with our finances. During the planning I learned from mistakes and good financial decisions alike. Today I just want to take a moment to share with you a few things I have learned as the one who manages our family finances.

  1. Budget. Know your monthly income and outgoing bills. If you can’t live off what you bring in, you aren’t going to have the extra fun money so make sure what you are sending out is less than what you are bringing in. You don’t want to live paycheck to paycheck…trust me, we’ve been there before. If that means cutting some things like cable, cell phone out of our life…then do it.
  2. Talk About It. There are things that are a given, that don’t require conversation, gas, food, and living bills. However if there are purchases outside of that realm, it is best to talk to your spouse about it. There are few things that can take a harder toll on a marriage than not talking about purchases outside the “needs”. It’s just a very respectful thing to do and it’s a great way to make sure the funds are there.
  3. Bring In The Kids. I don’t believe kids need to see the stresses that sometimes come with bad money choices affecting you but I do think it is important to teach them early. Show them the bills you have to have to live, let them see the fun extras you have but aren’t a necessity, teach them how to pay a bill. Essentially prepare them for when they go out on their own. If there is one thing you don’t want, is a kid who doesn’t understand finances when they leave your house. Let them help in some little ways and understand the responsibilities that will come as they get older. Make them budget the money they earn…we’ve seen this make a difference in them understanding really how much we do for them…and how much it costs, which makes them appreciate it more.
  4. Set A Goal. If you have that vacation you want to go on, that car you want to buy, or have a dream of having XX amount in savings, make it a goal! When you are working toward something you are more likely to figure out how to get there. If you don’t set a goal you may not take a step to saving money…it will be spent. So work toward that dream purchase…or savings!
  5. Take A Deep Breath. It’s just a given, you will get stressed and frustrated at least once (and if that’s all then I applaud you and give you a standing ovation). It’s okay…it’s normal. Take a moment, step away, regroup and refocus. When you are stressed over your finances, everything will look much worse and you may not be in the right frame of mind. I’ve made a BIG mistake in my checkbook in the past and almost had a breakdown. I had to stop, take a break and let myself regroup so I could focus and fix it. I did and since then I have noted the importance of having a clear head when working on our finances.

One of the things that can help women (or men) who may not have a set budget or figure out the best way to reach to your goal is to have a financial advisor. Whether you choose to use one or set yourself down and make your finances be exactly what you want them to be, it’s important to go in with an goal in mind. That will make a world of difference. If I don’t have a goal it’s much easier to spend away, but if you have something you want to do (go on vacation, buy a house, etc) you are less likely to spend randomly.

What are some things you’ve learned as you have you’ve become responsible for your finances?

Related Articles: Women & Finances: Growing Older Makes Women Better With Money


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Toni is a professional lifestyle blogger living on the sunny Florida Gulf Coast. She has a passion for Disney, Travel, Fashion, Cooking, Tech, Family Fun Ideas, Reviews, Giveaways and loves being able to share that with her readers!

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  1. 1

    Those are great things to keep in mind when managing family finances. Love the picture of you guys at Universal!

  2. 2

    We are planning a trip next year. I’ll use your advice!

  3. 3

    Those are very helpful tips.

  4. 4

    Finances are always a big thing in a marriage but you’re right, they don’t have to be if you follow simple rules of life.

    Great post.

  5. 5

    setting a budget and watching your finances is a great way to save money

  6. 6

    I’m a penny pincher myself.

  7. 7

    Budgeting is a huge deal in our home. For so many years we barely made it through from month to month and that mentality has stuck with us even now.

  8. 8

    Great tips Toni!

  9. 9

    I usually try to set a goal and then plan out everything down to the souvenirs.

  10. 10

    That last one is so important!! Great tips!

  11. 11

    Those are all great tips!

  12. 12

    great advice, thanks for sharing.

  13. 13

    I always try to include kids so they know the limits and why.

  14. 14

    When it comes to finances we use the rule of 3 – Give, Pay, Save. We give from our paycheck first to our church and charity, we pay all our bills, we sock money away – and only then if there is money left over do we spend. We’ve had some lean years where Mac & Cheese was on the table more than meat, but the plan has served us well for staying out of debt.

  15. 15

    Great tips! Need to do #5 right now. 🙂

  16. 16

    I love each of these suggestions! You and I are like budgeting twins.

  17. 17

    I’ve learned that sometimes it is good to use CASH. When I am at the grocery store, or elsewhere for that matter, I find it harder to part with the green stuff and will spend less.

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