Financial tips for young families in tough economy

Gaining greater control of their finances is a goal of many young families. (Metro Creative Services)

Posted: Monday, June 28, 2010 12:00 am | Updated: 10:26 am, Thu Mar 31, 2011.

Financial tips for young families in tough economy By Metro Creative Services Lodinews.com | 0 comments

Today's young families arguably have it tougher than any generation in recent memory. With the global economy on the rebound, many young families face an uncertain future, one that depends largely on an uncertain job market and a housing market that is increasingly unpredictable.

That uncertainty makes it all the more important that today's young families gain control of their finances, a task that many families find is easier said than done. While managing finanaces can seem intimidating, that doesn't have to be the case. Young families can gain greater control of their finances with a few easy means to managing money.

Conduct a spending survey. One of the easiest ways for families to lose track of their finances is to take a casual approach toward spending.

Make saving part of the routine. Even if it's only a minimal amount, families should get into the habit of paying themselves each month. Treat a savings account like a monthly bill, depsositing a predetermined amount each month, and even more in certain months when it's affordable.

Don't be caught off guard. One of the things families fear most is being caught off guard by a major expense, such as an illness, problem with the house or accident. However, families, especially those with children, should always expect the unexpected and have a substantial amount of money set aside specifically for emergencies. When caught off guard, families without substantial savings set aside often must do something drastic, be it using high interest credit cards or borrowing against retirement accounts.

Use credit responsibly. Good credit is a major plus for young families, but a credit rating, be it bad or good, is always fluctuating. Families who consistently use credit wisely, paying bills on time and, preferably, paying full balances whenever possible, will continue to benefit from a good credit rating. However, families who have good credit today won't necessarily have good credit tomorrow. Using credit responsibly is an ongoing process, but it's one that pays big dividends, particularly for young families.

Discuss
Print

Posted in Kiddin around on Monday, June 28, 2010 12:00 am. Updated: 10:26 am.

Rules of Conduct

1 Use your real name. You must register with your full first and last name before you can comment. (And don't pretend you're someone else.)
2 Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually oriented language.
3 Don't threaten. Threats of harming another person will not be tolerated.
4 Be truthful. Don't lie about anyone or anything. Don't post unsubstantiated allegations, rumors or gossip that could harm the reputation of a person, company or organization.

5 Be nice. No racism, sexism or any sort of -ism that is degrading to another person.
6 Stay on topic. Make sure your comments are about the story. Don't insult each other.
7 Tell us if the discussion is getting out of hand. Use the 'Report' link on each comment to let us know of abusive posts.
8 Share what you know, and ask about what you don't.

Welcome to the discussion.

Or, use your linked account:

Top Story

More headlines

Top Story

More headlines

Top Story

More headlines

Top Story

More headlines

Top Story

More headlines

Financial tips for young families in tough economy