Many people believe that they need millions of Australian dollars to attain financial security. While it means different things for everyone, the truth is you don’t need a pile of cash, a mansion, or a huge wardrobe to be financially secure (even though it would be nice!)

Being financially secure can simply mean having peace of mind knowing you can live comfortably without debt and have enough savings to cover emergencies.

When you have a family, it’s so important to protect the earnings of your hard work. It’s also important to educate your children so they too know the tools to achieve financial security in their future! 

Despite what many people think, it’s actually quite common for mums to be in control of the family finances. This makes it all the more important to know how to budget well and manage debts effectively. 

Here are some strategies to help get you started: 

 

Figure Out How Much Your Family Earns and Spends

Start by mapping out your family’s earnings, including wages, extra income, and bonuses. If you can figure out also how much your family spends yearly, monthly, and weekly, this can enable you to divide these expenses into fixed and variable costs. 

Once you have a good understanding of these numbers, you and your loved ones can take the necessary steps to gain better control of your finances and make informed money decisions.

For instance, if you can categorise your expenses into necessities and desirables, you can then find areas where you can cut back. Another strategy might be, once reducing your expenses, to look at setting that money aside for investing or savings. 

Look at Creating a Family Budget

 

Once you learn how much of your family’s money comes in and goes out, you may want to look at creating a family budget. 

Start by identifying a budgeting style that works for you and your family.

If your family’s expenses cost more than your family’s total earnings, consider looking for ways that your family can reduce costs by cutting any unnecessary expenses. 

Some methods to achieve this include taking advantage of discounts, or cancelling subscriptions you’re not using. No matter your decision, it’s important to have a realistic budget in place.

In the Got Money Honey Masterclass, you will find an entire module on budgeting with super helpful tools, budget templates and ideas to help you perfect your family budget. 

Look at Ways to Pay Off Debts

Growing wealth can be challenging if you are drowning in debt, which is why tackling it should be one of your top priorities. 

Even if your debt isn’t causing you stress right now, it is still worth finding ways to minimise your interest repayments and pay them off sooner. To start, list down all of your family’s debts and seek ways to address them. 

Several common strategies worth trying are paying off your debts from smallest to largest or from the highest interest rate to the lowest. Another approach you can consider is to consolidate your debts. 

Once you and your loved ones are able to pay off your debts, your family can be one step closer to achieving financial freedom!

 

Got Money Honey’s Online Finance Course

 

Putting you and your loved ones on the right path to financial security is one of the best things you can do for your family. 

Start securing your family’s financial future by signing up for the online financial classes by Got Money Honey. At Got Money Honey, we are passionate about helping independent women in Australia understand how money should work for them and take charge of their finances – for themselves and their family. 

Don’t miss out on Got Money Honey’s next My Money Makeover masterclass and achieve financial freedom sooner! Join the waitlist today and get exclusive pre-sale access!

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