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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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Yes Virginia, There is a Money Tree

Prairie Eco-Thrifter

The proverbial saying ‘money doesn’t grow on trees’ is used by many a parent in denying some wished for item to their children. Well, kids, your parents lied to you – money does grow on trees. A money tree starts out growing slowly, so small at first that you don’t even think it is there.

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

Penny Pinchin' Mom

Also see: The Best Personal Financial Books for Young Families Get a Financial Advisor A financial advisor will help you do three things: Get a hold of your expenditures Structure your savings Maximize your investments These are all steps that, if practiced consistently, will help you grow your personal wealth in the long run.

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Why Save Money in a Low Interest Rate Environment?

Prairie Eco-Thrifter

Instead of saving, we could take some bigger risks to try to grow our money. But, with each of the above, you lose the use of that money and often have little chance of even getting it back, let alone making it grow. We could take on debt to grow using other people’s money. Saving is a prerequisite to becoming an investor.

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Our 2018 Financial Goals

Family Balance Sheet

You can only cut so much from a budget, so to increase our cash flow, we’ll need to earn extra income by growing our small business and growing my blog. Save a starter Home Emergency Fund. Dave Ramsey suggests to have a starter emergency fund of $1000 while focusing on paying off non-mortgage debt.