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Understanding the Impact of Coronavirus on the Economy

The current headlines are filled with hour by hour updates on coronavirus: how far it has spread, every new case reported in the United States, and the massive stock market sell-off last week. There are lots of resources out there for what this new virus is and how you can prevent it, as well as…

What Does the Average Family Budget Look Like?

When it comes to an example of a family budget, there is no one size fits all answer. I frequently get asked “What are the average monthly expenses for a family of 4?” or “What does the average family spend on groceries every month?” And that is the data I went searching to find and…

10 Best Things to Buy At Costco

When it comes to saving money on groceries, I swear by two things: meal planning and Costco! For families, you can save tremendously on your grocery budget by buying right and buying in bulk… and there’s no better place to do it than Costco. Just before the holidays, I asked my Instagram followers what the…

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…

25+ Best Ways to Save Money

Everyone always wishes they had more money. The truth is everyone has access to at least an extra $500 in their existing family finances; you just have to know where to go look for it. Today, you’ll discover just that: the 25+ best ways to save money, each one generating $500 or more! 25+ Ways…

Your Top 10 Income Tax Questions and Answers

This time of year, most families’ biggest financial concern is filing income taxes. In 2018, a brand new tax bill took effect and brought in sweeping changes to many family’s personal income taxes and lots of questions with it. A year later, I’m still getting lots of inquiries about it, so this week, I’ve put…

Your Average Family Budget Breakdown FAQs

When I first published the example of a family budget based on the Consumer Expenditure Survey data, I knew there would be questions, requests to dig into various parts of the data more, and the need for clarifications. Here are the questions I’ve been asked most often about the average family budget breakdown, and the…

What Does the Average Family Budget Look Like?

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10 Best Things to Buy At Costco

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,…

How to Save Money At the Grocery Store

When it comes to budgeting, many families struggle with sticking to their food budget every month. There are lots of ways to lower your monthly grocery spend: you can save money on groceries by meal planning, eating in instead of eating out, but you can also learn how to save money at the grocery store…

Investing for the Future

How to Become a Millionaire

The most commonly searched terms around this concept are all about “how to become a millionaire fast” or “how to become a millionaire overnight” or even “how to become a millionaire in 5 years.” Everyone wants to get rich quick… but what Chris Hogan found after interviewing thousands of millionaires in America for his latest…

What is a Lagging Economic Indicator?

With all the talk in the last year of will there or won’t there be a recession, last week I covered the 4 leading major economic indicators to watch that help predict a recession before it comes. And as I anticipated, lots of you wanted to know whether they were predicting a recession or not.…

4 Major Economic Indicators Families Should Follow

When it comes to financial markets and the economy, there is no shortage of news and information… so much so, that it can be overwhelming to sort through all the noise to focus on what really matters. I’ve started sharing a weekly Monday Market Update on Instagram, but many of you have asked about what…

Family Finance 101

What Happens During a Recession

The last recession began more than 12 years ago. So for many young families, you may have never experienced an economic downturn as an adult. And to be clear, we haven’t officially been declared in a recession… yet. But as recessions are typically well underway before being declared, and given current leading economic indicators, I…

Understanding the Impact of Coronavirus on the Economy

Awesome Finance Books Every Woman Should Read

The most successful people in the world all have one thing in common: they never stop reading. Having previously shared what I consider the best books about finance, many of you expressed interest in reading and discussing them together, as well as having regular recommendations on finance books to read. And so last year, the…

Teaching Kids About Money

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…

4 Simple Money Lessons All Kids Should Know

This is a sponsored post on behalf of BusyKid.com. As always, opinions remain 100% my own. Read on to learn how these basic money lessons are the perfect introduction to finance for kids at any age, and how the BusyKid app can help you successfully implement them all! Birthdays. Christmas. Back to School. Weekly errands.…

How to Teach Your Preschooler About Money

This is a sponsored post written by me on behalf of Make Your Kid a Money Genius (Even If You’re Not). As always, opinions remain 100% my own. While I may have ended up as a hedge fund analyst, I did not grow up in a financially savvy household. We didn’t talk about money as a family,…

Chaos is Costly: Family Organization

Budgeting Your Time to Maximize Your Mom Schedule

If you’re a busy mom who feels like your days are passing in a blur, while your to-do list grows faster than you can ever seem to keep up with, this one’s for you. While it may seem as a stay at home mom in particular, you should have all the time in the world,…

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…

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…

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Every recession we have endured as a country, we have come out stronger and wiser on the other side. Unemployment gives many time or the kick in the pants to pursue their dreams that before they never would have risked giving up their job to pursue. It gives us low interest rates, and cheap capital to support investments in new endeavors.⁣ *⁣ It opens our eyes to areas previously overlooked: can you just imagine the innovations that will evolve from this time period in education? in healthcare? in supply chains?⁣ *⁣ Some of the biggest, most successful companies in the world were founded during economic downturns, from IBM to Disney. In the 2008 recession, Uber, Pinterest, Venmo, Slack and more first began.⁣ *⁣ Today seems hard. If you've lost your job or lost income, it's even harder. But you can wallow in it, or get yourself signed up for unemployment ASAP and use the time to plan your next act, and end up even better off than you ever were before.⁣ *⁣ If you want to hear more about this, I talked about it during today's live, now uploaded to IG TV. Where do you see yourself on the other side of this? What changes do you see happening in our broader economy?

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Do your family finances currently feel like a huge balancing act right now?⁣ *⁣ This pandemic has served up a healthy dose of economic uncertainty for every family around the world, while also potentially adding unexpected costs - like medical care, school supplies for distance learning, and if your house is anything like mine, kids who now seem to eat their own weight in snacks daily.⁣ *⁣ I find a sense of calm by taking control of the things I CAN control - you may not be able to control whether or not you lose your job, whether your hours are reduced, and whether your income falls in the coming months.⁣ *⁣ BUT you can control how much you spend. You can arm and inform yourself with all the resources available to you for relief. If you lose income, you CAN call your bank and ask for mortgage forbearance. You can put your student loans on forbearance. If you own a small business, you can reach out to your state's small business association to find out about available relief programs and loan options. You can apply for unemployment.⁣ *⁣ If you think you've cut your budget to the bare-bones minimum already, check out the direct link in my bio for 25+ Ways to Save $500 to see if there are more sources for savings you haven't already tapped.⁣ *⁣ We are all in this together. The actions you take now will serve you and your family finances well for decades to come. What actions have you taken to conserve your family's funds?

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I don’t want to ignore what is happening in the world around us... but for those participating, I wanted to wrap up our #FFMBookClub discussion of #EverydayMillionaires by @chrishogan360.⁣ *⁣ If we take anything away from this book, let it be this. ANYONE can achieve financial independence, but it takes hard work. And in moments of economic uncertainty, like these, it truly pays off.⁣ *⁣ We all have stress and anxiety right now. But for those of who have lived within our means, have emergency funds in place, it’s one major stress removed. To those on the outside looking in, it may seem like we are just lucky or fortunate. And we certainly are. But it also took years of hard work, saving and discipline to make it happen.⁣ *⁣ What quote or fact most stuck with you from Everyday Millionaires?⁣ *⁣ Many have time on our hands right now or would love to read anything other than the onslaught of the headlines, so wanted to get some book recs out to everyone. You can see all my favorite book recommendations at the direct link in my bio and catch my stories tonight to vote among 4 choices relevant to today’s financial events to choose our Q2 book for #FFMBookClub.

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Screen time is life right now. * Screen time often comes under fire, but right now, in the time of #selfisolation and #socialdistancing, it is our whole connection with the outside world! * This week, we’ve used modern technology and social media to 🐷 Stay connected with friends and family 🐷 Continue my kids’ learning in the absence of school 🐷 Hear directly from medical experts like Dr @davidgrew 🐷 Pray with thousands of people around the world 🐷 Share my financial knowledge with thousands of you to alleviate at least one part of the unknown right now * So yes, screen time is life right now. We are getting outdoors as much as we can. Pray that it stops raining pretty please. But in the meantime we are making productive use of modern technology to the fullest while we do our part to be #togetherapart! And I have zero mom guilt about it. * How have you used technology to stay connected this week?

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At this point, with most of the economy essentially at a standstill due to social distancing, a recession is inevitable and has likely already begun.⁣ *⁣ My DMs are filled with questions...⁣ 🐷Will I lose my job?⁣ 🐷Should I buy a house right now?⁣ 🐷Are housing prices going to fall?⁣ 🐷How will we ever come out of this?⁣ *⁣ I know it feels scary. It feels like the market is collapsing, you worry your job is at risk, and you fear things will never be normal again. But here's the thing: recessions are a part of the economic cycle. While what triggers them may not always be normal or expected - there hasn't been one caused by a global pandemic in over 100 years - the economy has periods of expansion, followed by shorter periods of contraction. We've had 17 recessions over the last 100 years.⁣ *⁣ Since WWII, there have been 11 recessions, each lasting an average of 11 months... less than a year! And every time, our economy has recovered and expanded to reach new heights. But because they inevitably happen, this is also why I preach the importance of emergency funds, saving for the short-term and investing for the long-term.⁣ *⁣ If you want to better understand exactly what happens during a recession - how employment, income, the stock market and housing market are impacted - and more importantly, how we get out of them, check out the direct link in my bio.⁣ *⁣ Have a question about recessions I didn't answer yet? Feel free to ask below! Coming up next week (because of questions I've gotten already) - a history of economic cycles: what caused them, how long they lasted and how we recovered.

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It can be hard right now to see the glass half full. It can be hard to see past all the normal life things I CAN’T do.⁣ *⁣ But for my own mental health and the well being of my family, I’m forcing myself to instead say “I GET TO...” as many times a day as I possibly can:⁣ 🐷 I get to be home with my kids and be a part of their learning right now⁣ 🐷 I get to have famous children’s authors read to my kids and teach them how to draw - how freakin’ cool is that?!?⁣ 🐷 I get to make food and cooking part of their learning again (since our schools can’t anymore) - we made bread?!? Never done that in my life before!⁣ 🐷 I get to stay connected even during social distancing thanks to social media and the incredible power of modern technology⁣ 🐷 I get to put my education and financial experience to use for good to help calm, inform and educate other women during this difficult time⁣ 🐷 I get to witness the incredible bravery of our first responders and healthcare workers who are working tirelessly and fearlessly to keep us all safe⁣ 🐷 I get to see the amazing ingenuity of entrepreneurs and business leaders adapting to these unprecedented times - from our local yoga studio that just opened last week and shifted to virtual classes to the iconic local pizzeria who is doing town by town driveway pizza service by reservation with their food truck, to distilleries shifting from booze to hand sanitizer production and beer distributors using their refrigerated trucks to help grocery stores keep food stocked⁣ *⁣ We can be fearful, anxious and angry over all the whys and what ifs. Or we can be grateful, inspired and motivated by all that is.⁣ *⁣ What did YOU “get to” today?⁣ ⁣ #igetto #giveyourselfgrace #schoolclosures #socialdistancing #socialdistance #coronaquarantine #quarantine2020 #raisingmytribe #threekids #momofthree #preschooler #firstgrader #secondgrader #thebigkidyears #bakingbread #kidsinthekitchen #cookingwithkids #financialliteracy #financialeducation #personalfinance #personalfinanceforwomen #dfc #debtfreecommunity #debtfreedom #financialfreedom #timefreedom #womenhelpingwomen #womeninfinance #personalfinanceblog #familyfinancemom

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In case you missed it, I did a LIVE this morning for the Monday Market Update.⁣ *⁣ You can catch the complete replay permanently on IG TV, in 2 parts. If you want the TL;DR version... here it is:⁣ 🐷The Fed pulled out all the stops yesterday to make it as easy as possible for banks to get cash to YOU and all the small businesses out there that make up the majority of our economy and collectively are the country's single largest employer⁣ 🐷If you need a break from the bank - extra time to make your mortgage payment, need a small business loan to keep afloat the next 2 months, need your credit card rate lowered - call the bank and ask. They've been empowered to help you! Call and ask for help!⁣ 🐷Now, it's time for us to do our part... and that is STAY HOME!⁣ *⁣ The sooner we all stay home, the faster the virus is contained, and the sooner we can all return to life as usual. If you really want to save the economy, your favorite local small business, and prevent a long, drawn-out recession: STAY HOME. STAY HOME. STAY HOME.⁣ *⁣ If you're still not convinced... we have nearly 4,000 diagnosed cases in the US (and countless more that have gone untested). Math/science indicates the virus is doubling every 3 days. In a month, that means nearly 4 million cases in the US. If 20% require hospitalization, that's 800,000 hospital beds: there are only ~900,000 hospital beds currently, many already occupied with flu cases and other ailments. Never mind the limitations of ventilators, health caregivers, and supplies.⁣ *⁣ I'll be working to answer your specific questions over the course of today - please be patient with me. Just like all of you, I've now got kids home while working from home too 😘⁣ ⁣ #stayhome #stayhealthy #stayhealthymyfriends #socialdistancing #keepcalmandwashyourhands #quantitativeeasing #flattenthecurve #smallbusinessowner #doyourpart #financialliteracy #financialeducation #personalfinance #personalfinanceforwomen #personalfinanceblog #personalfinances #familyfinances #familyfinance #economics #economy #marketupdate #debtfreecommunity #dfc #womenandmoney #debtfree #debtfreeliving #financemom #financeblogger #womenandmoney #ffmquotes #familyfinancemom

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Day 1 of schools closed indefinitely is well underway. I've been sharing in stories all day how we are making it work, resources including recommendations from all of you, and how the most important thing we can all do right now for everyone is STAY HOME!⁣ *⁣ Fun fact: many of you may not know that my blogging "career" began as a kids' activity blogger. I always shared about family finances, but when these 3 were little, I also shared a lot about parenting and the learning activities we did all day.⁣ *⁣ You can still find all of those on my old blog, Playground Parkbench, at the direct link in my bio. Nearly all are completely F*R*E*E and you're welcome to make use of them to stay sane in the coming days, weeks.⁣ *⁣ How are you guys holding up? What's helping you most right now? Stay strong, mamas! We can do this, together, one day at a time! I promise to return to regularly scheduled family finance programming as much as I am able with 3 little people to occupy and entertain all day too.

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My 8-year-old has been reading the Who was? and What is? America book series, fueling a fascination with history, and this morning she asked me if this would become a moment in history we remember.⁣ *⁣ She's my old soul for sure! Moments like these 𝘢𝘳𝘦 historic - both nationally and personally. If ever there is a moment to focus on what really matters, how little value "stuff" holds, and how valuable financial flexibility is, it is in times exactly like these.⁣ *⁣ For weeks now, I have been reiterating to save for the short-term and invest for the long-term. To shore up your emergency funds. This is especially true if you work in a more cyclical industry, like travel, energy, retail, restaurants, or entertainment, where you may not be sure if you will have hours or a paycheck in the coming weeks.⁣ *⁣ Someone asked yesterday if they should be altering their spending habits. Absolutely. And not just for the financial element - but for social distancing purposes as well. Schools around us are closing, one by one. Events, major leagues, and concert tours are doing their part to suspend activities and eliminate crowds. Each and every one of us needs to do ours as well.⁣ *⁣ This isn't hype or to cause panic. This is about prevention and containment; flattening the curve so as not to overwhelm our health system. And the quicker we act now, the sooner we will return to our regularly scheduled lives. So listen to your local health officials. If your schools close, 𝙨𝙩𝙖𝙮 𝙝𝙤𝙢𝙚 - dust off those board games, embrace life's simpler pleasures and hunker down with the ones you love.

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In our last #FFMBookClub chat, I dispelled the commonly held myths about millionaires... as proven by the National Study of Millionaires @chrishogan360 undertook for #EverydayMillionaires.⁣ *⁣ But more important is what he shares in the second half of the book - the mindset and habits that millionaires share that help them achieve their goals, when so many others don't.⁣ *⁣ A huge part of millionaire's success is mindset. 97% believe they control their own destiny - rather than worrying and losing sleep over their retirment, they set goals, make a plan and with discipline and consistent investing, made it happen.⁣ *⁣ They use coupons, stick to a budget, use a list at the grocery store, spend less than $200 each month eating out, and avoid debt... even after they become millionaires.⁣ *⁣ So if they are doing all this even after they have a substantial net worth, shouldn't you? What fact about millionaire mindset or habits did you find most intriguing?⁣ *⁣ Learn more about the findings from this month's Book Club at the direct link in my bio, and stay tuned for stories later this month to pick our read for Q2!

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In times like these, it can often feel like we are helpless to stop what is happening in the broader world around us. The headlines, the stock market, and social media might lead you to think all business is grinding to a halt and the world is ending tomorrow.⁣ *⁣ But I wanted to take a moment to remind us all that WE - each and every one of us individually, our daily activities and transactions - are the economy.⁣ *⁣ The stock market volatility may temporarily impact our retirement portfolios. The media headlines certainly have the ability to alter our behavior. But 70% of US gross domestic product, the primary measure of our economy, is made up of personal consumption. That is, the things you and I spend money on, day in and day out. Has that changed for you?⁣ *⁣ And while the threat of a virus, may cancel events, limit travel and even put us in quarantine, temporarily slowing us down, it won't be forever.⁣ *⁣ Some of our spending will be tempered. Some will be pent up demand that drives the recovery. But it will recover, just as it has after past global health emergencies, world wars, and global recessions for the last century and beyond.⁣ *⁣ So, save and shore up your emergency fund to protect yourself from the short-term volatility. But keep investing for the long-term, because this is just a temporary speed bump along the way.⁣ ⁣ #investing101 #investwisely #invest #investors #womenandmoney #womeninfinance #womenhelpingwomen #personalfinance #personalfinanceforwomen #financialliteracy #financialeducation #finances #financialmarkets #economics #economics101 #familyfinances #familyfinance #familybudget #dfc #debtfreecommunity #debtfree #debtfreeliving⁣ #capitalism #financialfreedom #economy #financeblogger #personalfinanceblog #financemom #ffmquotes #familyfinancemom

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Today is #InternationalWomensDay - a day we celebrate aims to eliminate discrimination against women and the goals of getting women full and equal participation in the economy.⁣ *⁣ I’m a pretty confident woman - and strive to encourage the same in my girls and all of you. But the only time self-doubt really starts to creep in is when I wonder whether being a SAHM is setting the right example for them. Do they think that’s all I’m capable of? Do they think that’s all women are capable of? Do they think that’s all they can be someday?⁣ *⁣ That self-doubt was in full effect this morning. And then I went back and read my own words from a year ago (see post in stories 💕). The legacy of my Great Grandmother turned inventor and business woman who was “just a SAHM.”⁣ *⁣ I had to remind myself that I made this choice for a reason. It was a choice I had because of the years I spent working in a male-dominated industry, earning as much or more as my male contemporaries. It was a choice I made together with my husband, who supported it as my decision, and didn’t force it upon me. It’s a privilege #igetto have, that I know not everyone does and that some don’t want - and that’s okay too.⁣ *⁣ Women’s Equality to me has always been about equal opportunity. About having choices and women being able to make decisions for themselves without external limitations imposed on them because of gender. It’s also about celebrating being a woman. And a woman can be whatever she wants to be! I get to be a mom, and so far, that’s the best choice I’ve made yet 💕

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So many great investing questions from all of you yesterday to help me plan out my Investing Guide for Families.⁣ *⁣ Among the biggest were:⁣ 🐷How to even start?⁣ 🐷What account(s) to use?⁣ 🐷And just generally being paralyzed by all the options⁣ *⁣ Here's how to focus to meet YOUR goals:⁣ 1️⃣Define your goal - make it specific, with a purpose and $ amount, and give it a deadline.⁣ 2️⃣Defining your timeline narrows options between saving and investing. If you need the money inside of 2-3 years, a savings account is the way to go. You need more certainty, and less volatility, than an investment account provides⁣ 3️⃣Defining your purpose will help you choose the right account. If you are saving for retirement or education goals, there are tax-advantaged accounts available to US investors for these purposes, and you should exhaust those options before pursuing others if these are your goals to allow the funds to compound, tax-free⁣ 4️⃣Defining your target amount will help you break your long-term goal into more achievable monthly steps. You can calculate exactly how much you need to be setting aside each and every month to reach your goal⁣ 5️⃣Finally, you'll need to assess your own risk appetite in order to choose what to invest in from the accounts you choose. Is the current market volatilty making you physically ill and panicked? You might need to play it more conservatively. If you need a higher return to meet your goals, you may need to invest more aggressively⁣ *⁣ The guide will outline these choices and steps in detail, but this is a framework to get you started. Notice how everything stems for a carefully, defined goal??? What are your goals? For more insights, check out the link in my bio for my blog post, 𝙄𝙣𝙫𝙚𝙨𝙩𝙞𝙣𝙜 𝟭𝟬𝟭: 𝘾𝙝𝙤𝙤𝙨𝙞𝙣𝙜 𝙖𝙣 𝙄𝙣𝙫𝙚𝙨𝙩𝙢𝙚𝙣𝙩 𝘼𝙘𝙘𝙤𝙪𝙣𝙩

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Y’all know how I went to @Costco on Monday and they were sold out of @Clorox wipes, Lysol and hand sanitizer. My girlfriend was at @target today and said all the hand sanitizer was gone there too. And my husband told me @purellbrand hand sanitizer is going for 10x it’s normal cost on @Amazon right now.⁣ *⁣ Just thought I’d share a little PSA about @grovecollaborative in the midst of all this insanity. My delivery of dish soap, hand soap, hand sanitizer and my favorite @methodproducts granite cleaner refill all arrived straight to my doorstep today. And I just checked - all their pricing is the same as it always is. ⁣ *⁣ I started using them because I could get the “cleaner” cleaning products I prefer to use around my kids for less and without having to make side trips to Target or Whole Foods (where I’d inevitably end up leaving with far more than just cleaning supplies). ⁣ *⁣ I also love they sell glass bottles and bulk refills in recyclable packaging. ⁣ *⁣ You can use the referral link in my bio for a F*R*E*E @mrsmeyerscleanday and Grove welcome kit, complimentary shipping and a VIP trial. Not to mention have everything you need shipped to your door 😘

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One of the things I love most about #EverydayMillionaires is it set out to thwart many common misconceptions the general population holds about the wealthy. These false beliefs lead many to believe achieving wealth is unattainable.⁣ *⁣ Chief among them? That the wealthy inherit their wealth. Do you think that??? 74% of millennials and 52% of baby boomers do. And politicians actually prey upon this false, but populous belief, counting on it to support wealth and estate taxes.⁣ *⁣ The reality? That couldn't be farther from the truth. ⁣ 🐷Only 21% of millionaires received any inheritance at all (and guess what - so does 21% of the general population)⁣ 🐷Only 16% inherited more than $100k⁣ 🐷And only 3% (that's just 3 out of every 100) received an inheritance of a $1 million or more⁣ *⁣ That means the vast majority of the nearly 11 million millionaires in the US today, more than ever before, made their million through hard work and disciplined financial practices. Their most common occupations? Sales, farming, engineering, small business owners and accounting. How'd they get there? 79% did it through their company sponsored retirement plan, like a 401k.⁣ *⁣ It's not sexy, or overly risky. They aren't celebrities, genius inventors, and they didn't wager everything. They just live below their means, invest steadily and stay disciplined. And anyone can do it.⁣ *⁣ 𝘚𝘰𝘶𝘳𝘤𝘦: 𝘌𝘷𝘦𝘳𝘺𝘥𝘢𝘺 𝘔𝘪𝘭𝘭𝘪𝘰𝘯𝘢𝘪𝘳𝘦𝘴, 𝘣𝘺 @chrishogan360

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