Protect Your Family’s Finances

As a mom, you want to protect your family’s finances to secure a better future not only for you and your husband but also for the kids. If you think this task is quite overwhelming, here are several no non-sense money management tips for moms:

Have Your Own Bank Account

Having your own bank account gives you that financial freedom wherein you don’t have to justify every expense you made. If you love monthly spa treatments and your hubby loves to collect action figures, having separate bank accounts that’s meant for personal expenses can help lessen money-related squabbles.

Two Heads are Better Than One

When it comes to family finances, teamwork is very important. You may already have established some rules on who pays the bills and who manages the bank account but it’s also important to have sit-down sessions and discuss where the money goes to. This is to ensure that each has an idea of the family’s financial picture.

Set Financial Priorities

As a couple, you and your husband should have a communal set of financial goals and priorities. This list can include college funds for the kids, life insurance, retirement funds, and future investment funds. The ordering of the priorities is always up to you and your husband. If there is a disagreement, listen to what each person has to say and create some sort of agreement as a compromise.

Protect your Financial Identity

If you have a good credit history before you got married, maintain this financial identity by keeping a couple of accounts or credit cards under your name. A good credit history is always a lifesaver when applying for that much needed car or house loan. If you or your hubby is dealing with a poor credit score, help each other out because both yours and your husband’s credit standing can affect applications for joint accounts or co-signed loans.

Working as a team is very beneficial when it comes to financial matters. If the family is experiencing some sort of financial difficulty, one can help each other figure out an effective solution.

source:
Today MSNBC