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Money and Your Family: Building on Solid Financial Principles


It seems that every father I know worries about money. I suspect that there are some who don't, but I guess I don't associate much with the very wealthiest of fathers. The dads I know best (myself included) more often than not end up wondering why there is more month at the end of the money than there is money at the end of the month. If you have that experience, you are not alone. Some recent research suggests that many families have expenses that exceed their income by several hundred dollars each month.

So how do you you manage your money, rather than being managed by money? What principles do financially secure families follow that others don't?

Family Financial Goals
The first step families should take in managing their money is to set financial goals. These goals will be different for every family depending on their stage of life, their needs and the demands on their resources.

Tips for Creating a Family Budget
Once the family has determined its short and long term financial goals, it is time to begin establishing the budget. The purpose of the budget is to match financial resources (income, interest earnings, etc.) with savings and spending needs on a periodic basis.

Top Seven Financial Habits
Now that you have good financial goals and a budget, you need to develop some good habits for managing your money. Here are some of my recommendations for successfully working your financial plan.

Savings Strategies for Fathers and Families
When so many families live paycheck to paycheck, it can be hard to find ways to build a savings account. Here are some tips and ideas for economizing and for increasing your personal and family savings.

Invest Successfully in Uncertain Times
Fathers who are saving for retirement or for college expenses for their children often see their investments fluctuate with the stock market indices. In troubling economic times, what should fathers think about when making investment decisions?

Teaching Your Teens to Manage Money
Teaching teens how to manage their money can be an almost overwhelming challenge, especially when we aren't so great at it ourselves. Use these tips to teach them to save, spend and use credit wisely.

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