This post is sponsored by Florida Prepaid. #StartingisBelieving
Family budgets can be a challenge to set up. It is important to focus on everything that you are spending and everything that you WANT to save for when you set up your guidelines for budgeting. However, there is one big ticket items that will impact your budget: debt.
Since my husband and I have student loan debt, every financial decision that we make goes back to our college experience. The amount of monthly payments that we have to prepare for to pay our education back is an extreme setback toward the future of our family. To ensure that our son will never have to go through this, we are setting him up with a Florida Prepaid account. Florida Prepaid is the largest, longest running and most successful prepaid program in the nation and we are here to help Florida families understand the importance of investing in education and make it is easy to do so. Florida Prepaid offers two types of savings options: Prepaid Plans and 529 savings plans. There are five different types of Prepaid Plans, and they can only be purchased during Open Enrollment (which usually runs from Oct.-Feb.).Every college savings plan opened with us represents an investment in a child’s future, and in our state.
If you are ready to set aside money toward your child’s future, it’s time to create a family budget.
How to Create a Family Budget
Budgeting can be a big conflict in your family, but it is an important of your everyday life. There are four BIG steps to create a budget. Revisit these core ideas every month.
Set your priorities. These are the BIG aspects of your family’s future that can impact your entire life. For example, health, a child’s future education, or a mortgage. Do not set too many priorities or else you will set yourself up for failure. There should be two to three family financial priorities. Here are ours:
- A home
- Our son’s college education
With a Florida Prepaid account, I can think ahead for my own child. I can make sure that he has what he needs, at least for now, for college. The cost will only skyrocket as my son gets older, so it is important that I have a plan in place.
Learn more about what they offer, and be sure to use code BLOG1617.
Write down your goals. Goals are different from your priorities since these are the everyday tasks that you do to help you reach your financial dreams.
Work toward your budgeting goals. Everything that you do will relate back to those core priorities that you created. Every penny spent or saved should help you reach your goals. Use an income and expense tracking tool, a notebook, or simply envelopes where you can keep track of cash spending.
Evaluate your family life. Once a quarter, have a family meeting to see how the budget is going. Revisit spending like cable, entertainment expenses or eating out. Be sure to set aside time to create new healthy financial habits, like creating a college fund or paying off a credit card.
Make your impossible financial goals possible with these tips to create a family budget.
Are you saving for your future?