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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…

Budgeting Your Time with Artful Agenda FEATURED

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,…

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…

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…

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 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?

Budgeting for Disney World: 4 Sample Packages

Our trip to Disney World in October wasn’t just my kids’ first trip… it was mine too! And to be completely honest, before I started planning our trip, I honestly had NO IDEA what it would cost to even begin thinking about budgeting for Disney World. Two awesome things I learned from my Disney Vacation…

Save More Money

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

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…

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…

Family Finance 101

What Every Mom Should Know About Personal Property Insurance

Every six months when the insurance premium bill comes due, you groan as you pay it. But when life’s unexpected occurs – the storm that drops a tree through your roof, or the day you don’t hit the breaks in time and rear end the car in front of you – personal property insurance let’s you breathe a sigh of relief. Today’s Family Financial Savvy covers the second part of my interview with Eli Zimmer of Daigle & Travers talking about Property and Casualty Insurance.

7 Secrets to a Successful First Home Mortgage

This post was sponsored, and paid for, by SunTrust. All opinions are my own. “We are pre-approved for WHAT?!?!” I will never forget nearly falling out of my chair when my husband (then boyfriend) and I went to get our mortgage pre-approval to buy our first home over a decade ago. We still had student loans, car…

Teaching Kids About Money

My 10 Favorite Money Books for Kids

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

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

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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Last week, my weekly blog post covered the 4 major leading economic indicators that historically have been good predictors of downturns in the economy, or recessions.⁣ *⁣ They are a little like reading tea leaves, and many of you asked, so are they predicting a downturn or not? Because for now, the outlook is a bit mixed.⁣ *⁣ This week's blog post talks about 4 major lagging indicators. They are less volatile than leading ones, more certain, and are the only data points that truly tell us what is happening in the economy, albeit later than we may like. The good news? All the lagging indicators still look good.⁣ *⁣ So, what's a household CFO to do??? Follow the same plan I always recommend: ⁣ 🐷Save for now - for your emergency fund, for any just in case, and for your short-term goals. If you work in a more cyclical industry, like manufacturing, construction or retail, you might want to consider beefing up your emergency fund to 6+ months of living expenses⁣ 🐷Invest for the long-term. If you've been investing for your long-term future (retirement, kids' college funds), keep at it. Economic downturns happen, but typically last less than a year - and no one can perfectly time the market, and over the long-run, it outperforms even the best managed funds.⁣ *⁣ To learn more about lagging indicators, like GDP, unemployment, income and inflation, tap the link in my bio -> @familyfinancemom

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Ever read a tidbit I share here and think to yourself... I could never do that.⁣ *⁣ Or find it really hits home, but instead of taking it to heart, get defensive and start making mental excuses for all the reasons you are the exception?⁣ *⁣ Personal finance IS personal. But one of the reasons I've always been drawn to math and finance is numbers don't lie. There is a scorecard that tells you what your decisions cost you or earn you, day in and day out.⁣ *⁣ And the only way you can really guarantee your failure? By not even trying. I love that you are all active members of this community because we have a shared belief of wanting to know more and do better. But the critical step in making that happen is taking what you learn to make improvements.⁣ *⁣ What is one thing you have learned here that has made a difference in your family's finances?

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Lots of people are already celebrating receiving a healthy tax refund this year, and making plans for how they’ll spend it...⁣ *⁣ And yes, we all would rather get a check back than discover we owe some huge amount when we file our taxes, but...⁣ *⁣ Here’s the thing - if you get a big check back from Uncle Sam, it just means you overpaid all year long. You basically gave the government an interest free loan for the year.⁣ *⁣ So, if you got a big fat refund (or were unpleasantly surprised by owing money), consider going to your HR department and reevaluating your W4 form. You no longer claim allowances anymore, so by following the explicit directions, it should closely match your tax liability. Be sure only you or your spouse claim your children, preferably at the highest earning job.⁣ *⁣ Then, if you see more in your paycheck every month, put it in a sinking fund to all those things your putting this year’s refund towards, and earn yourself some interest while you’re at it. ⁣ ⁣ *⁣ *⁣ *⁣ *⁣ *⁣ #taxes #taxseason #taxrefund #taxtime #taxreturn #familybudget #familyfinance #familyfinances #personalfinance #financialliteracy #financialeducation #financialfreedom #timefreedom #hardworker #debtfree #dfc #debtfreecommunity #debtfreeliving #savemore #spendless #sinkingfunds #personalfinanceblog #financeblogger #womenandmoney #womenhelpibgwomen #womeninfinance #ffmquotes #familyfinancemom

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If I ask my 4yo what he wants to be when he grows up, he says “A builder!” And 24/7 he is doing just that... I can find him in our playroom most days with magnatiles, LEGO or drawing buildings on the white board. He’s also in complete heaven as they build the last house on our street, begging me to walk through it every chance he can!⁣ *⁣ When I was a kid, I used to track the stock prices of my favorite companies in the business section of our local paper - TCBY and Taco Cabana were two I liked to watch. At the time, I didn’t even really know what a stock was - but I loved numbers. And all those pages of prices in the newspaper fascinated me.⁣ *⁣ When you pursue your passions, it’s much easier to be successful and happy doing it. It feels less like work and more like pursuing your dreams. I was so lucky to have an educator for a mom who encouraged me to pursue mine, even in an industry totally foreign to both my parents.⁣ *⁣ What did you want to be when you grew up as a kid? What do you do now? How did finances factor into your decision?⁣ ⁣ *⁣ *⁣ *⁣ *⁣ *⁣ #whenigrowup #whenigrowupiwanttobe #liveyourdreams #dreambigger #lifewithboys #raisingboys #4yearsold #preschooler #raisingmytribe #personalfinance #personalfinances #familyfinance #familyfinances #familybudget #dfc #debtfreecommunity #debtfreeliving #debtfreedom #financialfreedom #timefreedom #personalfinanceblog #financeblogger #dailymotivation #hardworker #dailyinspiration #debtfree #mindsetiseverything #womenandmoney #womeninspiringwomen #familyfinancemom

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I got the awesomest (is that a word??) Valentine, and when I opened the box, it had this quote from @spanx founder @sarablakely inside... which was almost an even bigger gift! (P.S. if you don't follow her already, you should - she's an AWESOME mompreneur motivator and supporter!)⁣ *⁣ Women, as a whole, are super risk-averse. We fear investing and losing 10% of our money more than we think about the fact that we will more likely earn 10% every year, over time.⁣ *⁣ We are more likely to play it small, than swing big, hindered by fear of risk. A 2017 report on women-owned businesses by American Express found that 39% of all firms are owned by women, but they only make up 8% of total employment and 4% of revenues.⁣ *⁣ While the charts I shared yesterday may make many of you nervous, don't lose sight of the bigger picture. Economic cycles happen. The market moves up and down along the way. BUT the long-term trend is still up and to the right.⁣ *⁣ For more insights on risk, check out Understanding Investment Risk for Women at the direct link in my bio.

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A picture is worth a thousand words.⁣ *⁣ Over the last couple weeks, I've tried to verbally explain some of these economic indicators in response to your Market Monday Update questions... but when it comes down to it, the best way to explain it is to see what it looks like.⁣ *⁣ I've spent this week putting together the first post in a multi-post series highlighting 10 major economic indicators you should actually pay attention to through the loads of financial news and economic releases that come out on the daily.⁣ *⁣ This week's covers the first 4, which are all LEADING indicators. This means historically, when they start to fall apart, the broader economic environment soon follows into recession.⁣ *⁣ Learn how the stock market, retail sales, housing starts and the inverted yield curve predict recessions (as well as what they are, what they mean, and where to find the info too!) at the direct link in my bio.⁣ *⁣ And stay tuned for next week, when I'll talk about 4 major LAGGING indicators, that help us gauge how far into and through a cycle we are. What economic term or data point do you hear all the time and want to better understand?

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Many of those working through the Busy Moms Budget workbook are shocked by how much they actually spend every month. And a lot of the overspending comes in the form of convenience: coffee, eating out and Amazon are the biggest culprits.⁣ *⁣ If you are tired of feeling like every dollar you make is stretched to its very limit, take a good hard look at your daily spending habits. These habits of convenience have become so ingrained into your daily routine, you don't even think about what they cost anymore. And the retailers do everything they can to keep it that way. They offer you rewards for paying via apps on your phone - or let you buy with just one click - so you don't even pay attention to what you spend anymore.⁣ *⁣ Convenience is incredibly expensive⁣ 🐷 We spend over $1,100 a year on COFFEE - and for 40% of you, that's more than you saved for retirement last year⁣ 🐷 We spend over $3,000 a year eating out, when food prepared at home costs half as much (or less!)⁣ 🐷 We spend another $850 per household on soda and $100 per person on bottled water... ⁣ *⁣ And we do it all under the guise of "saving time" - but does it really? I bet you sit in the Starbucks drive thru longer for your coffee than it takes me to make mine at home. ⁣ *⁣ I'm not just picking on your coffee habits... just highlighting the facts. If you want to do better, reach your money goals faster, feel less stressed to make ends meet every month - I promise the opportunities to do it already exist within the income you already make. You just have to be willing to find it.⁣ *⁣ You can find these and 25 more ways to save $500 or more at the direct link in my bio. How many will you try?

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Inverted yield curves and weakening manufacturing data have had economists increasing predictions of a 2020 recession for most of the end of 2019.⁣ *⁣ Global factors, like the almost complete economic shutdown of China due to the coronavirus, as well as as a US presidential election year, are currently adding to the market volatility.⁣ *⁣ So many of you have asked - what should you do? How should you prepare?⁣ *⁣ To prepare for a potential short-term recession (that historically lasts less than a year), make decisions for the long-term, while preserving your financial flexibility in the short-term.⁣ *⁣ What do I mean by that?⁣ 🐷 Bulk up your emergency fund, especially if you’re worried about job security or you work in a cyclical industry⁣ 🐷 Pay off your debts to free up future income⁣ 🐷 But when it comes to investing, buying a home you will live in for years, and other long term decisions, think beyond the next year⁣ *⁣ In many ways, this is the same advice I’d give in any environment. Live within your means, and don’t over extend yourself. But in the near-term, more than usual, don’t take on above average risks. Don’t buy more house than you can afford or put major purchases on credit cards you hope your bonus will cover at the end of the year.⁣ *⁣ In times of greater uncertainty, it pays to preserve your flexibility. And be sure to check my stories on Mondays for the Monday Market Update to stay informed 💕⁣

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Since my friend Susie @busytoddler shared her sweet kiddo sorting coins this week, I thought I'd share that we were up to the same (especially after our 💵in the trash fiasco earlier this week!).⁣ *⁣ This is a super easy way to introduce money to your preschooler... and keep them entertained at little to no cost. We use this Dollar Store appetizer platter as a sorting tray (my girls love to use them for LEGO too!). I grab a handful of coins, show them an example of each type of coin and place it in a separate compartment, and then let them takeover. This time I didn't even have to give anymore instruction, as big sister jumped in as teacher.⁣ *⁣ We were sorting coins to get our pennies ready for our Coin Wars donation at preschool. We've run this super simple fundraiser at the kids' preschool for years. It raises a ton, with pure profit to the school, and bonus, it's a chance to teach kids about money too.⁣ *⁣ You can find more ways to teach preschoolers about money, as well as flyers to download for your own Coin Wars at your school at the direct link in my bio.

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You’ve heard me say this a lot as we’ve talked about the Busy Moms Budget Workbook and the data for the average family budget... no two budgets will ever look exactly the same, and that’s OK!⁣ *⁣ And it’s for this very reason - your budget should be a reflection of YOUR family’s priorities, goals and values.⁣ *⁣ If you took a look back at where your money went last month, is it reflecting what you want it to? Your budget can help redirect it so it does... by making you more aware of exactly where every dollar is going so there’s some left for what really matters to YOU!⁣ *⁣ So, what did your budget have to say about your values last month? And what do you want it to say?⁣ *⁣ I’ve also updated the Average Family Budget post with higher resolution data tables for those who were trying to blow up the numbers AND I have a whole follow up post addressing all your questions and additional insights you wanted me to pull from the data - like where student loans and childcare show up!? You can find it at the direct link in my bio.

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Lots of questions about allowances after I mentioned it in stories this morning... so thought I’d give a little update on how it works in our house.⁣ *⁣ We started allowances last summer with my girls. Before we began, we sat down as a family and brainstormed house rules and chores. They each get $1 x their age per week (so my 8 year old can earn $8), and each has as many chores as their age as well.⁣ *⁣ Their chores include both personal tasks, like making their bed and putting away their clothes, as well as tasks that contribute to the family, like emptying the dishwasher, vacuuming after meals and picking up the playroom every day. The house rule is essentially: Be respectful of each other, our home and our things.⁣ *⁣ Their allowance is earned BOTH by completing their chores AND abiding by the house rule. This is especially effective with my oldest. We provide all they need - but they are expected to use their allowance for wants. It’s amazing to see how much they really want something when they ask and I say, “If that’s what you want, it costs X and you can use your own money!”⁣ *⁣ My son doesn’t get allowance yet, since we’re still working on understanding the value of a dollar there clearly 😂 but he loves to pitch in “like the girls” and often begs to get a turn to vacuum.⁣ *⁣ How do you do allowance in your house? (PSA don’t use hashtag allowance unless you want creepy DMs 🙈🙈🙈 lesson learned from experience) ⁣ ⁣ *⁣ *⁣ *⁣ *⁣ *⁣ #lifewithboys #raisingboys #preschooler #thebigkidyears #raisingmytribe #kidsandmoney #financialliteracyforkids #teachthemyoung #moneymindset #momofthree #momof3 #threekids #choresforkids #mamaofboys #boymomlife💙 #financialliteracy #financialeducation #personalfinance #familyfinance #familyfinances #personalfinanceblogger #teachingkids #teachingkidsaboutmoney #dfc #debtfreecommunity #debtfreedom #debtfreeliving #financialfreedom #financeblogger #familyfinancemom

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Ever wonder how your family budget compares to everyone else's? Or what the average family spends on groceries???⁣ *⁣ Now, I'll be the first to stand up and say that no two budgets will ever be exactly the same - we live in different places, with different costs of living. We have different goals and priorities.⁣ *⁣ But, knowing how the rest of America spends their money can be an informative guide to "right-sizing" your budget, especially if you feel like certain categories have gotten out of your control.⁣ *⁣ The good new? The Bureau of Labor Statistics collects and publishes this data in the Consumer Expenditure Survey each year. The better news? The headline numbers often don't seem to make much sense - but that's because most households AREN'T families. But they break the data down by household type, and I've got it for you in my latest blog post.⁣ *⁣ So, if you want to see what the average married couple with children under 6 spends on groceries each month, or what a family with older kids spends on housing... come check it out at the direct link in my bio!

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There’s a lot of economic uncertainty out there right now driven by the political environment (impeachment and election year), global factors (like a world health emergency caused by coronavirus), and then there’s also the simple fact that this is the longest uninterrupted period of economic expansion the US has ever had.⁣ *⁣ It can be exhausting, anxiety-inducing, and leave you wanting to just stare at a peaceful aquarium all day.⁣ *⁣ But I’m here to encourage you to lean in instead... when the world gets complicated, don’t bury your head in the sand. Instead, ask questions about what you don’t understand. Follow what’s happening in the political, global and market news so you can make informed decisions for your family.⁣ *⁣ Because knowledge is power, and ignorance only leaves you vulnerable. Did you catch the weekly Monday Market update in my stories today? What questions do you have about what's going on in financial markets right now?

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How many different cards and accounts do you use for spending money every month? * Checking accounts, credit cards, a credit card for every retail store, @Paypal, Venmo, cash... it can make it incredibly easy to lose track of spending very quickly. * A super easy way to keep tabs and stick to your overall budget? Consolidate your spending to one place. I actually put everything on my @americanexpress card that I pay off in full every month. For the few places that don't accept Amex (I'm looking at you @costco 🤨), and some of my kids' activities and preschool that only take checks, I use my debit card linked to my checking account. But I know exactly how much I can spend each month, from each place, and can easily keep tabs on it and stick to my overall budget (even if I fall behind in tracking my exact spending). * It also protects you against fraudulent charges when you only have to monitor 1-2 accounts. * Tips like this one are what we talk about in the Busy Moms Budget private group for all workbook users... and there's still a few left at HALFOFF! See my last post for details.

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