How Following a Budget can Impact your Family
Not too long ago we were in debt.
In fact, we had a grand total of about $50,000 worth of debt.
The total consisted of a $20,000 Master’s Degree, a $10,000 bathroom remodel, and a portion of two car loans.
At the time it felt like we would NEVER pay off the debt.
Do you know that feeling?
We also had two really young kids who required diapers, daycare, and lots of other expenses.
I didn’t think we had any room in our budget to make bigger debt payments or the time to earn more income.
We were working full time jobs, plus a few side jobs every once in a while and it just felt like we would be in debt forever.
We had tried LOTS of different budgets and strategies before. And you know what? None of them worked for us.
After months of struggling, being frustrated, and giving up we finally stumbled upon a budgeting system that worked for us and it completely changed our lives.
Eventually, we were able to pay off our debt and start saving for our future.
In fact, we paid off every single debt we had except for our home!
The Power of a Budget
You see, as mothers we have SO much on our plates.
Just a few decades ago it was standard practice for “the man of the house” to be in charge of all financial decision.
Fast forward to this century and boy have things changed!
A recent study revealed that 52% of women are supplying at least half of their household income, and more and more women are in charge of the financials decisions for the household.
So in addition to:
- Growing humans
- Raising humans
- Grocery shopping, housekeeping, appointment scheduling AND everything else
We are also making the financial decisions.
For many moms, this adds to our feelings of overwhelm and stress.
However, using a budget can help to reduce those feelings of anxiety when it comes to managing your family’s household finances.
A budget gives you guidelines to follow and helps you to establish financial goals.
In my experience, following a budget makes it easier to:
-Establish our wants vs. our needs
-Say no when kids start begging (Nope, it’s not in our budget)
-Set up long term financial goals like vacations, car purchases and home purchases.
-Reduces the stress of being in debt and not knowing what your income and expenses are.
A Simple Budgeting Tool to help you Begin to Budget
If you are looking to get started with a budget, my friend Kristin at CentsandPurpose.com has created a completely free Begin to Budget ecourse to help you get started.