Finances and Families

In today's society it is difficult to achieve the financial stability that most couples desire. I feel like this is because society has become so materialized over the past couple of years. It is difficult to live on a small income because people feel like they need more money to be happier. It is interesting that, so many couples are working full time to care for their families, yet they are losing quality time with their children. Among the Latter-Day Saint community, it is common for mothers to stay home with their children. Even thought Latter-Day Saints community would like to have mothers staying home it is becoming difficult for them to do so. I feel that it is possible for mothers to stay home with their children, while living on the father’s budget. There are a couple ways that a family can make this possible. They are an inventory of needs, have advice from a financial planner, be proactive and make a budget.

First, a couple needs to sit down to make an inventory of their needs, expenses and income. Make a list of the income that are constant so that there is a base for the amount that will be brought in. Then, there can be a list made for all the little odd and end income that need to be a counted for. Next, there needs to be a list of expenses. This includes house, car, insurance, phone payments and other essentials that need to be paid on a regular basis. I feel the most difficult to decide what is a need and what is just wanted in life. The essentials are shelter, food, and family, all else are wants. It has been tested a family can cut 20% of spending and not notice a difference in living. If it is possible to cut that much, then I believe that it is possible to live on a single income.

Second, the couple should consult with a financial planner. This will allow them to be able to gain important information regarding their finances. It will also help the couple to see what debt is important to pay off faster than others. Also, it will allow a couple to receive honest council from a person outside of their families or friends. By having someone else give advice then it can be brutally honest, and the couple may apply that council easier.

Third, a couple needs to be proactive about their finances. This means that they need to be saving money now for future catastrophes that can happen. When a couple is proactive about finances then they will be able to pass through financial problems easier. Part of being proactive is making a budget. By having a budget then the couple will be able to know where their money is going. It will also show the things that the couple is buying but is not needed. It helps the family to make an estimate of what the monthly bills will be, so the family can plan how to spend finances. Every dollar earned should be given a category or reason to be spent. When there is money with out a purpose the couples tend to spend more money than they have.

Another great way for a family to be able to live on a father’s income is to teach children how to work as a family. When the children value work then they will be more likely to value the families’ possessions. It will also teach their children the importance working for money and saving it for things that are needed.

By taking these steps then a family will be more likely to live on a single income and have the mother stay home to take care of the children.