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Home › Articles › Family Life › Money Sense for New Families

Money Sense for New Families

5 Tips from Financial Planners

By Debora Geary and Reathel Geary

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That sounds good. But how the heck do you save? Have your kids wear their diapers for longer stretches? Restrict your spouse to one shower a week? Learn to love beans for dinner? According to the experts, the most important step is simply to decide to make saving a priority. Once you have done that, the "how" is a lot easier. So make a family commitment to paying yourselves first.

2. Learn how to spend – There are two basic categories of spending: the little stuff and the big stuff. Not knowing how to spend wisely on either can get you into financial trouble.

First, how do you spend wisely on the big stuff? Miller's advice starts off gently. "Rein in your use of credit cards," she says. "Debt today robs you of tomorrow's dreams."

For those of you who have trouble figuring out how to "rein in," she has more drastic advice: "Don't carry credit cards with you. Having to return home to get them means you have to really think about the value of what you are buying on credit. Where possible, wait at least 24 hours before making any purchase greater than $500." The woman speaks from experience – she locked her credit cards up in her safe deposit box.

That works for the big stuff, but the smaller stuff requires figuring out how to use your everyday dollars wisely. There are some excellent resources available to help you do this, with advice on everything from setting up a budget to hosting cheaper birthday parties.

3. Plan for the unexpected – This is not news for parents, as we are managers of the unexpected. But planning for unwelcome surprises goes beond extra clothes in the diaper bag.


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