Useful Tips for Parents in Securing Your Financial Future

Posted on Jul 20 2016 - 2:56pm by Kelley
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Charlotte Parent Mom Matters June 2016

Several weeks ago, you might be remember me giving you a sneak peak of what’s to come for the next installment of Charlotte Parent’s Mom Matters series. Kate from My Mommy Brain & I live tweeted the event while we listened to Court Creeden of Parent Financial and Sandy Wheat of the NC Council on Economic Education talk about we, as parents can do now to help secure our own financial future’s as our kids got old.

Mom Matters with Court Creeden and Sandy Wheat

Things got real. Parents asked real questions, and they discussed some hard topics that aren’t always easy to discuss. The amount of notes I took could never be relayed in one blog post, but here a few of the highlights for you to let soak in.

Court Creeden's Financial Checklist

The above should all be on your Important Financial Checklist.

  1. First, set a budget so you know how much money you have to spend and give yourself an allowance of spending money.
  2. Once you set a budget, work on your Emergency Fund so you have it incase of emergency. Losing a job, a death, pay cut.. there are so many different scenarios that could seriously affect our finances.
  3. Then make sure your insurance and you have will’s in place. The last thing you want is a headache added to heartache in the wake of a death.

If you’re looking for advice on setting up an emergency fund and the best way to go about doing that, contact Court Creeden of Parent Financial. He had all sorts of advice on what exactly an emergency fund should look like and how to help get you there. Court suggests a four month emergency fund be in place. So.. if you have an average monthly income of $4,300, multiple that by four and this is what you’re emergency fund should look like.

What should your Emergency Fund look like?

 

Crazy right?? My husband has lost a job before years ago and he went nine month without working. The emergency fund may not be enough to cover expenses for the entire time if something were to happen, but if we had 4 months put away at that time, it would have made a huge difference in our finances and take away a lot of the stresses we had during that time.

And lastly, the most important piece of advice that a mom of three young kids can take away is honesty.

Be honest with your kids.

Don’t tell them enough to stress them out, but be real. “Mommy and daddy don’t have enough money for the beach vacation this year.” or “WE just spent a lot of money on something else or to do this, we have to save to get this.” And also teaching your kids to save. Don’t buy them everything they ask for. My daughter wanted Lea from the American Girl Store so badly for her birthday, but I already had Julie tucked away for her. We gave her Julie and told her she could save her birthday money and earn Lea.. which she did and it made it even more exciting for her, because she used her own money for it!

Just, because we say no and don’t buy our kids every last thing they ask for, doesn’t mean we’re bad parents. That makes us great parents and smart parents to be thinking more about what we can do and prepare for the future rather than buying them every single hot toy that will be fun for a few weeks.

I wish I could recap all of this event for you, but Sandy left some great resources you can check out below as well! Head to the Mom Matters Facebook page to check out photos from the event and keep an eye out for the next one to be announced soon!

 


Useful Resources

www.jumpstart.org

www.stockmarketgame.com

 

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