Sep 7, 2022
Today we're going over 5 major money mistakes families make and how you can pivot things to hit your financial goals faster!
5 Major Money Mistakes Families Make (and How to Fix Them)
It’s funny how we perceive time and seasons. Like right now, we’re moving towards autumn, which means the year will technically wrap up in a few short months.
However, fall is also a bit of a reset or a do-over for many.
Maybe it’s because we’re in back-to-school season, and we see kids preparing and gearing up for classes. Or we’re excited about the upcoming breaks and trips we’ve planned to see family and friends.
Either way, over these past 13 or so years I’ve been writing about finances, I’ve noticed that September seems to be when people get a bit of a second wind.
Which is great and I want to be right here to cheer you on.
I like to embrace the energy and use it, so you have a win or two with your family finances before the year finishes.
To start off, I want to discuss some ways we sabotage ourselves when reaching our money goals.
How we approach finances almost always fails because it’s either – let’s be honest – boring. Or, it’s so rigid you immediately want to escape because life happens as these past two and half years prove.
Of course, there are many ways it can go wrong, but in the 13+ years I’ve been writing and covering family finances, I see some mistakes come up again and again.
I want to go over these five major mistakes and cover habits and strategies that speed things up if you’re doing well or can help turn things around if you’re not happy with your current strategy.
In this episode, we’ll get into:
- The five major money mistakes families make
- What you should be doing instead that will make managing your money so much easier
- Share a few tips on how to make it a lot more fun. Seriously
So much to cover, so let’s get started!
Resources to Manage Your Money Easier
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Grab Your Copy: Jumpstart Your Marriage and Your Money
- How to Hack Your Habits to Achieve Your Financial and Fitness Goals
- Inaction is a Slow Death
If you want to chat more about creating better money habits, questions, or share your own tips, please join us at Thriving Families on Facebook.
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union! Come check out Coastal today if you’re living in the Raleigh Durham area and looking to bank better.
As a credit union, Coastal serves its members first and foremost including an annual loyalty bonus.
We've been members for years and love their service and competitive rates on checking and savings accounts!
Rollover Your 401(k) Easily with Capitalize
We’re grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier.
Did you know that it’s estimated that there are currently over 24 million “forgotten” 401(k) accounts? In fact, the average American changes jobs every 4 years.
And because of the Great Resignation, you or someone you know might be changing jobs even more
It’s an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with?
One huge benefit of an IRA is choosing how your money is invested, not your old employer.
If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.
With Capitalize, they handle the process from start to finish – for FREE and yes that includes calling the 401(k) provider on your behalf.
Find out how and get started today!
Support the Podcast!
Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
- Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
- Grab a copy of Jumpstart Your Marriage and Your Money.
Photo Credit: Guy Kawasaki