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Written By: Brittany Miller, , English

Have you ever had to make difficult decisions for your family?

What if you dropped out of school because you became a parent or racked up a ton of credit card debt? Unexpected changes came into your life and you had to learn how to adjust.

Whatever your personal situation was or may be currently, you want what’s best for your family.

You want the best for your children. You want them to grow up in a beautiful home with enough space for them to be teenagers in. A home that’s in a better school district. You want to provide the best life for them.

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You’re ready to shape your life and provide your children with the best foundation you can. You have goals and dreams for you and your family’s future. You want to take steps to get to where you want to go.

You want all of these things yet you’re unsure of any options that cater to you. You’re tired of renting apartments. You want a space for you and your children to do the things you love. You’re tired of your low credit score. You’re tired of your credit card debt.

You’re constantly worried about always being in a bad financial state.

Kalidy can help you with that.

While we’re not personal finance experts; we’re experts at managing home ownership. In order to manage home ownership and get to where you want to be financial wise, we know a thing or two.

Here are some of our best tips for managing your finances:

Start with goals

Make yourself comfortable and write down everything. What are you wanting to do? What do you want to accomplish with your family’s future? Where do you see you guys in five to ten years? Financially what are you wanting to do?

Starting a new path to financial freedom with goals lets you know where you’re going. You wouldn’t want to start a journey not knowing exactly where you were heading, right? It sounds exciting until you actually do it.

When thinking about goals you want to achieve, consider goals like:

  • Short-term, like decreasing your spending by eating out less or not using credit cards.
  • Long-term, like getting out of credit card debt and building an emergency fund.
  • Keeping track of your credit score.
  • Saving for retirement.
  • Investing.

Whatever your goals may be, getting them down on paper will guide you to personal financial freedom.

Stick to your budget

What do you think about when you hear the word “budget?” Do you think it’s scary, unencouraging, or nonchalant?

Whatever your reaction to the word it, having a budget is critical to managing your finances. Your budget is one of the most important tools to help you succeed financially. It lets you decide how to spend your money. Without this plan, you may end up spending money on things you don’t need. It forces you to take a good, hard look at your finances.

If you don’t have control of your spending or where your money is going it’s going to be difficult for you to accomplish your goals.

Speaking of spending…

Keep track of your spending

Think before you spend. Don’t just assume that you can afford something. Something that can really help you in making purchasing decisions in the future is to remember your budget.

To help you know where your money is going, write down everything you’ve spent your money on for about a month. Don’t write down what you wanted to spend; write down what you actually spent.

Money is a tool. It helps you get to where you want to be. Knowing where your money is going every month will help you get to your goals.

Once the month is up, slash or remove any unnecessary expenses. For example: say you stop at Starbucks every single weekday on your way to work to grab some coffee. The total comes out to around $5 each time you go. At the end of the month you would’ve spent $100 just on coffee alone.

Starbucks may be life but not when it’s killing your wallet.

To help keep track of your spending…

Use a tool or personal finance app

Keeping track of your spending and where your money is going can be time-consuming. Especially if you’re saving all of your receipts or using pen and paper to literally write down every single thing you’ve spent.

It doesn’t have to be that way though!

If you’re more technologically savvy, having a budgeting software or personal finance app not only saves paper and the trees (Bigfoot Kal will thank you!), it’s also more convenient.

Two of our favorite personal finance tools and/or apps are:

  • Mint. Mint is an effective, all-in-one resource to help you manage your money and track your spending. You can connect all of your bank accounts and credit cards, as well as all of your monthly bills, so that all of your finances are in one place.
  • You Need a Budget. This app is great for helping you get out of debt. It helps you stop living paycheck to paycheck and pay down your debt. It focuses on every single dollar you have. It literally forces you to live within your actual income. Think of it as your tough love best friend who holds you accountable.

When talking about keeping track of your expenses, you’re probably wondering about saving money. Which brings us to…

Don’t forget to pay yourself!

Build an emergency fund and contribute to it regularly. The basic idea is simple to understand. You need to have money put aside in case an emergency popped up. What if you lost your job? What if you became sick and can’t work for a few days? What if you or your child got into an accident and you need something to help with medical expenses or things around the house?

It’s crucial to have money to fall back on in case of emergencies. Hence the word “emergency” fund.

Even if an emergency doesn’t pop up anytime soon, having an emergency fund gives you peace of mind if something were to unexpectedly pop up. That’s life for you: you never know what may happen.

Having money set aside also helps you in the future for any planned large purchases. Whether you want new furniture or take your family on vacation, guess what? You have money for that. You won’t have to use a credit card or take out a personal loan to enjoy your life.

What should I do now?

Follow our starter tips on managing your finances but consult with a financial advisor for the best professional help. While you do that, join our exclusive Kalidy Insider Facebook group to share your tips and tricks on managing your money. What have you learned in your financial journey so far? What did you wish you knew when getting started?

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