Ready to Build a Financial Plan You Can Live With?

Join Family Finance Moms everywhere, as you take back control of your family's finances, one week at a time.

Your Favorite Posts

Women & Money: 10 Facts We All Should Know

Over the last 100 years, women and money have come a long way. Learn about the history of women’s financial rights, the modern statistics associated with women and money, and why improving women’s financial literacy is Family Finance Mom’s #1 mission. While there’s endless discussion today of the gender wage gap, the reality is women’s…

Will vs Estate Planning for Families FEATURED

How to Protect Your Children: 10 Things to Know About Will vs Estate Planning

No one likes to think about their own mortality. However, once you have children who depend on you, it becomes essential. If something happens to you, what will happen to them? How do you make sure they are protected and financially provided for? I was recently asked about wills during a weekly Ask Me Anything…

My 10 Favorite Money Books for Kids

After sharing my 20+ Favorite Finance Books for YOU… I got lots of requests to share a similar list of money books for kids. So I teamed up with my friend Lauren at Happily Ever Elephants to share just that! As the child of a kindergarten teacher, I grew up in a house full of…

Young baby boy playing with pink piggy bank isolated

The Ultimate Guide to Finance for Baby’s First Year

Congratulations, your precious baby is finally here. Now the real fun begins! While you may have purchased everything on your baby registry list, there are many family legal and financial tasks you cannot actually begin until your baby arrives, and some come with significant time sensitivity. So even if you’ve been preparing for a baby financially…

Life Insurance for Parents - Protect Your Family's Financial Future FEATURED

Do You Really Need Life Insurance?

Before kids, most parents never even gave life insurance a thought. Most of us don’t like to dwell on our own mortality… especially when celebrating a new life, the birth of a child! But when you have a new baby, that’s exactly when you should be thinking about it most. It’s what life insurance for parents is for – to protect your family financially when faced with the loss of you or your spouse. So what exactly is life insurance? How does it work?

Where Should You Keep An Emergency Fund?

The first major step on the Family Finance Road Map to free yourself from credit cards and adding to your debt is to build an Emergency Fund. But where to keep that emergency fund is this week’s follower Ask Me Anything topic. Every day, I get lots of great questions from followers across social media,…

Women & Money: 10 Facts We All Should Know

What’s the Best Way to Invest Money (When You’re Just Getting Started)

When it comes to investing, many of you are coming with a completely blank slate. You want to know what you need to do to get started and what’s the best way to invest money. Learn about the types of account you need to access the markets, where I recommend you start, and what to…

Teaching Kids About Money

My 10 Favorite Money Books for Kids

4 Simple Money Lessons All Kids Should Know

Family Organization Ideas

Link to display lightbox

Instagram post 17923129495326612

Ever notice how much more something means to you when you EARNED it?
*
We celebrated this little man's birthday over the weekend... he'd been begging for a "big boy bike" for months. But we've also been working on the final stages of potty training 💩 - we held the big boy bike as a reward for big boy behavior.
*
And it took a lot of patience and effort on all our parts... but he EARNED it. And he was over the moon to ride it to pick up his sister's from the bus today.
*
It may sound cliche - but good things really do come to those who wait, especially if you EARN it. I encourage you to teach this concept to your kids too, and start young... you will instill in them a sense of value, work ethic and prioritization. Skills that are irreplaceable and will treat them well for the rest of their lives.

Link to display lightbox

Instagram post 18038389189202055

Improving your personal finances doesn't happen overnight. And for most it also doesn't happen with large windfalls either.
*
It happens through the small steps we take every single day. The dollar here or there that we cut out of our daily spending habits. Choosing to take your lunch, instead of eating out. Choosing to make coffee at home, instead of swinging through Starbucks. Skipping the vending machine and drinking water instead.
*
And when these things become so innate and habitual that it is no longer something we have to think about, it is who we become.
*
According to various research, it takes a minimum of 22 days to establish a new habit. And an average of 66 days. Who wants to set a new habit with me?
*
Come check out my stories for your very own habit tracker and let’s make positive change together! What habit will you set?

Link to display lightbox

Instagram post 17851202173610655

Link to display lightbox

Instagram post 17853462553587714

🙋Raise your hand if this sounds like you...
*
Every month, you start with a budget all planned out. You have goals of paying extra money towards your debt, adding to your holiday sinking fund or even starting that extra IRA.
*
But then, life happens. You get tired of cooking, and go over your takeout budget. You see a new pair of boots or sweater for Fall you couldn't say no to... or you forgot to budget for Halloween costumes entirely.
*
Since *technically* you have the money for it, you spend it. And suddenly, those long term financial goals of debt freedom, net worth accumulation and retirement get pushed off further and further into the future... if they ever happen at all.
*
There's a simple way to help enforce your own self-discipline. SAVE FIRST! Automate it if you have to. Do payroll deductions for retirement funds, 529 plans, even to IRAs. Set up direct deposit amounts to your savings account. Start automated transfers from checking to savings for the start of the month.
*
Force yourself to save BEFORE you spend, and make those long-term goals a reality.

Link to display lightbox

Instagram post 17863554751516385

Always find yourself busting your budget every month???
*
Here's a super simple trick to always err on the conservative side and give your budget some breathing room. *
If your income is variable (not a fixed amount every month), always underestimate it. Budget off your lowest month or something below the average.
*
And for all your variable expenses, overestimate them. Round-up. If gas or oil prices are rising, build in a 5-10% price increase.
*
This way, you will never come up short - and if you end up bringing in more income or spending less than you budgeted, you'll have money left to put towards your goals, instead of raiding funds from them.
*
What are some of your favorite budgeting rules of thumb? New month starts Tuesday, so get those budgets ready!!!

Link to display lightbox

Instagram post 17858402236530426

Welcome to my house!
*
Well, my Fall front door, anyway... I love decorating for the seasons - and I want you to know it's entirely possible to do it WITHOUT busting your budget.
*
My wreath is on its 4th Fall season - I made it the year we moved in with a wire wreath frame and a couple spool's of burlap wribbon. It cost me less than $20 to make, or at this point, about $5 a Fall (with more seasons in its future)!
*
I do buy live mums from our local farm around the corner - he charged me $20 total for these two big ones - and we will add about $20-30 worth of pumpkins after our annual trip to the pumpkin patch... but I consider that entertainment and tradition, as we will end up carving them as well.
*
Why am I sharing all this? Because I want you to know that budgeting doesn't mean you can't celebrate the season or bring some holiday flair into your life - it just means you have to plan for it and add space for it in your monthly budget... so be sure to leave some space for pumpkins and Halloween candy as you prep for October!
*
And despite what your favorite influencers might lead you to believe - you don't need all new holiday decor every season... we use the same pieces year after year, adding one new small item here or there as our budget permits. Catch my stories for a look at my interior Fall decor, and links in my bio for some fun, affordable Fall decor DIYs and upcycles.

Link to display lightbox

Instagram post 18004333699252469

That's what a million bucks looks like, in case you were wondering.
*
The latest Market Insights Report from Spectrem Group found there are 11.8 million Americans with a net worth of at least $1 million. So what do those millionaires look like???
*
Not like what you might think. Most people who buy luxury brands are 'aspirationals', not wealthy individuals. People trying to look the part - who can't actually afford it. *
@chrishogan360 interviewed 10,000 millionaires for his book, #EverydayMillionaires, and here's what he found...
🐷94% live on less than they make vs. 55% of the general population
🐷95% plan ahead and save for big expenses
🐷93% make and stick to a budget
🐷75% make regular, consistent investing part of their personal finances
🐷93% got there by hard work, not big salaries - these are farmers, teachers, and blue collar workers, not CEOs and celebrities.
*
So as it turns out, it's not about flashy displays of material wealth, but more about conservative living, planning, budgeting and investing. Slow and steady wins the race. 🐢

Link to display lightbox

Instagram post 18035858749200376

Eight years ago, I became a mom... and my life forever changed.
*
Nothing anyone tells you, no parenting book you read, not even the millions of memes and mom blogs out there can ever prepare you for all the ways having a child will change your life.
*
There are countless “must have” baby registries, endless parenting tips on everything from feeding and sleeping to teething and potty training.
*
But one of the biggest ways your life is impacted is you now carry the financial responsibility for another tiny person - a person who will depend on you to provide for them for at least the next 18 years, if not more... whether you are here for all those years or not.
*
How do you begin to prepare for that? Whether you are a new mom or have been a mom for years, you’ll want to check out my Baby Financial Checklist to make sure you are set to provide and protect your kids now, and until they can provide for themselves.
*
And happy #nationaldaughterday - to both my girls 👯‍♀️

Link to display lightbox

Instagram post 18067006582148512

Your credit score is only one number in your financial picture... much like a GPA, it doesn't tell a lender EVERYTHING about you nor is it the sole determinant in whether or not you can get a loan. But it does only really matter when you need credit.
*
You should understand the 5 factors that impact it
🐷35% Payment History - do you pay on time?
🐷30% Utilization - what is your available credit vs. your total debt outstanding?
🐷15% Length of History - have you had credit for years? or never had so much as a credit card?
🐷10% Types of Credit - do you have a mix of loans and credit cards?
🐷10% New Credit - do you have young accounts and lots of new inquiries?
*
You might notice that getting a perfect credit score can actually encourage behavior inconsistent with GOOD financial behavior. Example: having lots of unused credit cards can improve your credit score... but I'd never recommend that!
*
So what do I recommend? Monitor your credit score to protect yourself against fraud or bad data (@creditkarma is great and F*R*E*E), and unless you plan on needing a new mortgage in the next 6-12 months, don't sweat it. Focus on GOOD financial behavior, and your credit score will generally follow.

Link to display lightbox

Instagram post 17857215325555490

It's birthday season... July through October are the most popular birth months in the US, so it's also when our calendars are most filled with birthday parties.
*
And this weekend we had 2, we have 2 more this coming weekend, and another the weekend after that - not even including my own 2 kids who's birthdays are in the next 2 weeks!
*
This weekend, on Saturday Spenders, I shared that the average family spends about $400 on a child's birthday party with 1 in 4 families spending over $500. And you all shared your favorite ways to cut down on that budget buster...
🐷 Parties every other year or only for major age milestones (1, 5, 10, etc)
🐷 An experience / outing with a friend instead of a party
🐷 DIY or reusable party decor
🐷 Solid paper goods from Dollar Store or @walmart
🐷 Skip meal times in favor of snacks & cake
🐷 Keep it small
🐷 Joint or combined parties
*
In general, lower your expectations - all the kids really care about? Cake, their friends, and playing together. Remember our birthday parties as kids before Pinterest? A backyard, a cake, and maybe a pinata and we were happy campers. Our kids are the same - it's only our self-imposed expectations that have changed.
*
How do you keep birthdays on budget in your home?

Link to display lightbox

Instagram post 17853587746560797

Lots of you say you are most intimidated by investing because of the risk involved or fear of losing money. Women lag men when it comes to investing because of this fear. We already know there is a gender wage gap, but it is compounded and magnified when it comes to investing.
*
🐖 Women invest a smaller percentage of their income
🐖 Women choose more conservative investments and are generally more risk-averse
*
Our primitive brain still responds to risks the way our cave people ancestors did - we prioritize resource preservation over increasing our assets. This means we are more concerned about the risk of losing $100, than missing out on the opportunity to invest and earn multiples of that.
*
And studies show, in all aspects of life, women to be more risk averse. When it comes to investing, it translates into being more pessimistic about expected returns and taking longer to make investment decisions.
*
Now for the good news... when women do invest, that leads them to outperform men. This is mostly because men are more likely to be impulsive and trade, while women trade less often.
*
Need some facts to boost your investment confidence? Check out the link in my bio for some market return charts... The first chart shows the volatile annual returns of the S&P 500 since 1927 - this is what scares people away from the market. And the next you'll see the rolling 10-year annualized returns. If you're investing for the long-haul, the annual ups and downs, are just part of the ride. Since the Great Depression, over 90 years ago, there have been only 5 years where the 10-year annualized return of the market was less than zero... and the lowest was -1.7% in 1937 vs. the 9.5% annulized return for the last 92 years.

Link to display lightbox

Instagram post 17861341174516183

One of y'all sent me this picture in DMs this week... I'm flattered because she said she was in an "overpriced hotel coffee shop" when she saw these, and it made her think of me. 💕
*
But I'm also horrified... trinkets like these are not only a waste of our hard, earned dollars, but they are attempts to celebrate being broke and poor financial habits. While I will be the first to stand up and say money struggles are nothing to be ashamed of, and will always lift you up to take on your struggles head on... I will also never congratulate you on overspending, or encourage you to not save or go for broke.
*
Attempts like these to "normalize" lack of financial self control may help you feel better about bad financial decisions, but it doesn't make it any easier to live with their consequences. And encouraging the masses to live this way, only means we want everyone to be financially stressed and enslaved to debt.
*
How have you seen bad financial decisions encouraged or normalized recently?

Link to display lightbox

Instagram post 17845187815634699

Last week, I recorded a podcast with Kristen at @thesupermomwannabe, and she asked me what I see as the most common financial struggle among families...
*
For so many of you, it's the emotional hurdle of fear. Fear of facing the reality of your current financial situation. Quickly followed by shame. How could you let it get to this point? Everyone around me is doing so well, how can we be struggling this badly?
*
Here's what I want you to know... It is because of shame that no one talks about their REAL financial situation EVER! So many families are so worried about keeping up appearances with one another, they are only chasing each other further and further into debt.
*
Second, being afraid to check your mailbox, open your credit card statement, or answer the phone because of collectors calls, is suffocating. The juggling act of scrambling to find funds to pay all your bills, and the tight rope you are walking to stay in the black causes incredible stress no one should live with...
*
But the only way to make it better is to move past the fear and shame. Take an hour to sit down, and get it all out on paper: every recurring bill, debt balance, and expenditure. Think of writing it down and adding it all up as the first step towards taking back control and making a plan to conquer it.

Link to display lightbox

Instagram post 17863822036498801

Who's ready for a new #FFMBookClub pick for Q4?
*
Thank you to @avery_books for gifting me our next Book Club pick, #AtomicHabits by @james_clear. It's already on my list of favorites, but it's an awesome follow-up read to Outliers, demonstrating exactly why the 10,000 hour rule works to create success... and more importantly, how you can implement it to make it happen in your own life.
*
Instead of staring at your current financial situation and feeling completely overwhelmed, what if you focused on just one thing you could do today, and every day going forward to take one small step in the right direction? THAT is the magic of Atomic Habits.
*
So, if that sounds like something you'd like to make happen in your own family finances (or with any part of your life, really), join us in reading this quarter. Discussion will begin in December. Happy reading!

Follow on Instagram

Ready to Build a Financial Plan You Can Live With?

Your Favorite Posts

Women & Money: 10 Facts We All Should Know

How to Protect Your Children: 10 Things to Know About Will vs Estate Planning

My 10 Favorite Money Books for Kids

The Ultimate Guide to Finance for Baby’s First Year

Do You Really Need Life Insurance?

Busy Mom Money Tips

Where Should You Keep An Emergency Fund?

Women & Money: 10 Facts We All Should Know

What’s the Best Way to Invest Money (When You’re Just Getting Started)

Teaching Kids About Money

My 10 Favorite Money Books for Kids

4 Simple Money Lessons All Kids Should Know

Family Organization Ideas

How to Protect Your Children: 10 Things to Know About Will vs Estate Planning

The Ultimate Guide to Finance for Baby’s First Year

Join the Family Finance Mom Community on Instagram!