Keeping track of your family’s finances isn’t always simple, but that doesn’t mean you can’t make changes. The following are five resources that should help you get a grasp on your family’s finances that could end up putting you in a better financial position.
1. Online Banking Tracking
One thing you want to track if you want to have more control of your finances is your bank account. The bulk of your cash goes there, so making sure you are tracking it is vital. Thankfully, most banks offer apps that help you with this task but don’t allow yourself to get comfortable.
You can be more proactive about your banking practices. For example, you can use an app to help you renegotiate banking fees. Yes, this isn’t something most people know about, but you can find ways to reduce those if you need to. It may also be a good idea to consider putting limits on your bank card, like making sure your bank doesn’t allow overdrafts since that always comes with high fees.
2. Zooming in on Extra Spending
Tracking what happens in your bank is one thing, but that doesn’t include all the spending that takes place in your household. You probably have multiple credit cards or department store credit cards. This means you are spending much more, and all of that money needs to be accounted for.
The problem is tracking all these cards can get a little overwhelming but not with the right tools. Different apps help you track spending information from every card in one app. This way you can see what is being spent in your household each week, month, and ultimately the year. Putting a concrete number on your spending helps you make smarter financial steps later on.
3. Using a Savings Buddy Online
On top of the resources mentioned, you can look at tools that help you save money. Once you’ve compiled all your bills and necessary expenses for the week or month, these types of apps show you what’s left of your income. All of this money could potentially go into your savings.
If you decide to spend money, these types of tools will tell you how much you are digging into your potential savings for that month. This could help curve unnecessary spending and may help you grow your savings account. Americans have a hard time saving money at the moment, but tools like these could help turn things around for you in a positive way.
4. Closer Eye on Family Assets
It’s easy to think of your family’s finances only in monetary terms, but there’s more to your family’s wealth to consider. You may want to consider downloading apps to help monitor some of your other assets like real estate. The value of your home changes from time to time, and you should be aware of those changes.
If things are looking good for you, then it might be the right time to consider selling, or maybe it’s the right time to borrow against your home. There are other things you can track, such as investments that you might have, life insurance accounts, or retirement accounts. All of these add value to your family’s net worth, and you should pay attention just in case changes need to be made.
5. Taking Advantage of Online Advisers
An important step to take if you’re serious about your finances is to consider a financial adviser. Some folks choose a traditional adviser who works locally. Other folks are choosing the more modern approach and hiring someone online either through a specific site or through an app.
The choice is yours; just make sure you know what you want. Tell the adviser the kinds of financial goals you have, like if you want a specific amount set aside for your children’s education or if you’re just thinking of installing a pool for the family. The clearer you are with your financial intentions, the better your adviser can consult with you and help you meet your goals.
Having a good understanding of your family’s finances and having control gives you peace of mind. You’d be surprised how many families go through all sorts of tribulations because they don’t take their finances as seriously as they should.