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Money Matters - How to Build Healthy Financial Habits and Prevent Future Debt

Motherhood Moments

In this blog post, we'll share some of the top financial habits that can help you improve your financial mindset and reduce your chances of falling head over heels in debt. Smart money hacks for the debt-averse individual Here are some of the easiest and most effective strategies to get you started on the road to financial success.

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Managing Family Finances: Tips and Strategies for a Better Financial Future

Penny Pinchin' Mom

Create an Emergency Fund Let’s talk personal finances— $8,883 —that’s how much American households have in terms of emergency funds on average. The ideal scenario is that your emergency fund should look to cover at least six months of all your monthly household expenses should you suddenly lose your income.

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How I’m Managing our Family Budget during the Pandemic

Family Balance Sheet

I have written often about the importance of an emergency fund. We paid off our last non-mortgage debt in September and have since sent that loan’s monthly payment to our mortgage principal. We didn’t have enough cash saved to buy a car without a loan and that wasn’t sitting well with me. Cash is King.

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Our 2018 Financial Goals

Family Balance Sheet

This is our very last non-mortgage loan and we send an extra payment every month as part of our Debt Freedom Plan. I want to challenge myself to rethink our purchases by taking advantage of more cost effective solutions, like borrowing, buying second hand, or just making do with what we already have. I’ll apply that money to the debt.

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10 Must-Know Personal Finance Tips for Moms’ Financial Success

Penny Pinchin' Mom

However, if you have been following me, you know that I am quite serious about finding ways to not only get out of debt but also how to create a budget (and stick to it) as well as how to save money without necessarily depriving your family of the quality of life they deserve. Again, you’re not alone with this problem.

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Carnival of Personal Finance #316- Family Edition

Prairie Eco-Thrifter

Philip from Deliver Away Debt shares his story: How I Delivered Away My Debt. mbhunter from Mighty Bargain Hunter asks Are you contributing to this debt clock? and says, “The big debt clock is over $14 trillion now, but this other one is approaching $1 trillion, and may affect you more directly.&#. How about you?

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Shannon & Her Husband Paid off $22,000 in 9 Months

Family Balance Sheet

Today’s Debt Free Story is from Shannon. She writes at Growing Slower. How much debt did you pay off? What kind of debt was it? As many students do these days, we had tens of thousands of dollars of debt by the time we graduated with our Masters degrees. Read more about Shannon’s debt free journey.

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