When I look back at the last 5 years of being a father I can't help but think how it has changed my life in so many ways. While it is true that I have given up late nights in the city with friends and rounds of golf on the weekends, I have gained the unlimited love of two people. To walk in the house from work and be treated like a rockstar by two children trumps any party or round of golf that I have ever played. It is true, as some have voiced, that being a father limits your freedom. I like to take the approach that it expands your heart.
There are few things in life that can be so basic and yet make such big impact on your life. A family budget is one of those things. A simple family budget can not only improve your family finances, it can improve your marriage and family life as well. A budget is a framework that allows you to save, spend and give guilt free. It is also a tool that builds communication between spouses. In this post I hope to outline the steps needed to create your first family budget.
I recently had a couple call me in tears. They had been married for 2 years, were living away from their families and had just found out they were expecting their second child. While they were so excited to have a family they felt like they would never be able to make their family dream a financial reality. She was staying home with their toddler and he was finishing an advanced degree. They were buried in student loan debt and slowly racking up credit card debt. They wanted to take control of their finances; they just didn’t know how.