Family Finances 101

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As husbands and fathers we are responsible to provide for our family, this is an obligation we do not take lightly (stay-at-home dads not excluded, while they are not making the money, they are still ensuring their family is provided for). Having this responsibility can be stressful,  especially during time when there is little to no disposable income for the family.  Money is also the cause of much contention in marriage and family.  How can we stay positive and have a happy family life in the midst of financial struggles?

• Review family finances with your wife.  Set aside an hour each week and review your financial situation, whether she it is you or her that does it on a more regular basis.  Make sure you both really know your financial situation, this goes a long way to avoid the little quarrels that grow from one spouse buying something the other feels they cannot afford. In addition, if you have older children consider sharing information with them about the family's circumstances.

• Create a budget, review and adjust weekly.  You always hear to create a budget.  I have heard all the excuses to not do this, in fact, I have used all the excuses to not this, but it is important nevertheless.  During your weekly financial reviews adjust the budget for your current situation. be flexible with your budget and make adjustments according to your circumstances

• Keep your priorities straight.  While money is important to your family's well-being, your family is more important than money.  Is constant fighting over money worth losing your family over?  In addition, if you have the opportunity to make extra money, but that means spending more time away from your wife and kids....don't do it.  Only do it if your family really needs the money.

• Money doesn't buy happiness, but it probably makes it easier.  Fighting about money is so easy, it will take patience and hard work to avoid (I am still working on this as well!) but its worth it!

What else do you do to keep peace during financial struggles? can money buy happiness? I would love to hear your thoughts?

Lastly, HAPPY MEMORIAL day! Have fun with your family!