If you're a mom, you know better than anyone that running a household is a lot like running a business. In addition to managing all the “employees,” you're often called upon to help keep household costs down the same way you would with a business. With all that in mind, we've gathered these three basic financial tips for women and the families they work so hard to keep running.
Begin with a budget. Whether you're the CFO of your family or share that responsibility with someone else, having a budget is one of the best money tips for women we can offer. That said, busy moms sometimes admit to feeling overwhelmed by the idea that there has to be a comprehensive family balance sheet. Thankfully, this is where the family-as-a-business analogy has some wiggle room.
As ideal as it sounds, the point of having a budget isn't necessarily to detail how each and every penny comes in and out of the household the way a corporation would. Instead, the goal is to have some kind of system that helps you plan and track spending. And the system has to be something that works for you—whether that means sophisticated software that syncs your financials to your smartphone in real time or a simple set of notes on sheets of notebook paper. In fact, the best budgeting system is the one can you stick with.
Have an emergency fund. Few tips may be more practical than having a supply of cash on hand for unexpected expenses. Did your child forget to tell you about that $300 check he needs for basketball camp? Did you come home to find the dishwasher is broken? Even when they're relatively small, expenses such as these have a way of throwing your budget out of whack. Various experts have their own ideas about how much this fund should have in it, but it's what works for you and your family that really matters.
Don't pay unnecessary fees. Library fines, late payment fees, traffic tickets–these are all avoidable expenses. With so many unavoidable expenses to cover, try not to shoot your budget in the foot by paying unnecessary fees. Bank fees can be a needless expense. Ally Bank offers savings accounts, money market accounts and certificates of deposit (CDs)—all with no monthly maintenance fees. And if you open one of our accounts that has ATM access, you can use any Allpoint no-fee ATM—plus receive up to $10 reimbursement for fees charged at other ATMs nationwide each statement cycle.
At Ally Bank, you earn among the best interest rates in the country according to Bankrate.com, and your deposits are insured by the FDIC up to the maximum amount allowed by law. Let us help you reach your savings goals. Learn more at Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.
For more about family saving, read:
Family Saving, Part 3: Savings Strategies to Help Save for a Vacation