Family Finance

How to ensure a financially stable and successful household.

The finance of supporting your growing family

Finance can be hard enough on your own, but when you start adding other people onto your household, it just makes it that much more challenging to achieve the success you want. So how can you ensure financial success when your entire family is depending on you to make it happen?

This section of our website is dedicated to helping you get a handle on good money management for your family. If you have questions or you find yourself struggling to stay ahead, we can help. Call Consolidated Credit today at 1-800-320-9929 to speak to a certified credit counselor or ask for help now though our online application.

The finance of starting a family

Ideally, you should start thinking about the financial side of starting a family before you even get into that serious relationship that could turn into marriage:

Of course, it’s also important to have your own financial world in order, so you’re ready to have a good conversation about money when marriage comes on the table. At that point, you need to have an honest talk about merging finances with your partner. Keep in mind, the more open and honest you are and the more you talk, the less likely you are to have problems down the road.

Making sure your bank account is ready for kids

A common mistake many households make with money is not planning ahead enough when you add another person. Babies are expensive and so are kids. We have an infographic that breaks down the cost of raising one child to get them out in the world and the numbers are staggering –about a quarter of a million dollars, does not even include a college education.

So if you’re planning on having children, start saving as soon as possible, and remember –when it comes to kids, you can never save enough. Once you have kids, then you need to start setting aside money for college, such as a 529 college savings plan. And, to help them get ahead later in life, you can do with things like treasury bonds and trust funds.

Include your kids in the conversation

You also want to start introducing your kids to finance as early as possible. Many adults struggle with money because their parents “protected” them from hearing anything about the household’s finances when they were kids. By keeping your kids out of all household money talks, they never learn –neither the value of a dollar, nor how to manage those dollars to be successful.

Of course, this doesn’t mean you should fight about money in front of your kids or make them feel bad for wanting something. Instead, you need to introduce your kids to how finance works and let them know that most things in life aren’t free so somebody always ends up paying. By teaching your kids early, you set them up for success and avoid problems in your own family finances.

More topics to help you navigate family finance

The information above just provides some basic guidelines you can use to get started on the right path in the world of family finance. The following pages go into more detail about specific topics that offer unique challenges when it comes to money management for your household.

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