Hello homemakers! Today we are talking about a subject I am extremely passionate about — and that is family finances.
This topic is important to discuss as we dip into the holiday season. It is easy to fall into a ‘black-and-white’ mindest, spending frivolously throughout the season while promising yourself you will budget better in January.
As a wife to an electrician I have found our income to fluctuate quite a bit depending on the amount of work available.
Whether your husband has a steady paycheck or not, you will find yourself in times where money seems to flow much more easily, and times when it is far more scarce.
This can be extremely stressful and anxiety-inducing for families. Money tends to be a big stressor on marriages.
Where many families get it wrong, is they spend more when they have more, and spend less when they have less.
This can feel a bit like whiplash for your family. One month you are going out to eat often, going to movies, giving children plentiful allowances — but the next month you are staying inside with the children and eating beans and rice for each meal. (Maybe it is not that dramatic, but you get the point!)
What if, instead, you found a middle ground?
When money is plentiful (or more so), live beneath those means and put a bit back. That way, when money is scarce, you have savings to even it out.
The idea behind this is what is referred to as income inflation.
A simple example: Let’s say your husband gets a raise of $300 per month. So, you all decide to go buy him a new truck with a monthly payment of $300. Thus, while your family is bringing in more money, you aren’t actually benefiting from it at all.
When extra money comes in, do your best to act like it isn’t there.
When you are trying to build savings or pay off debt, it’s extremely important to be consistent.
Stick to your budget even when you don’t necessarily need to.
Thrift for clothes and home decor even when you can afford to purchase new.
Buy store-brands even if you can afford name-brands.
These small, consistent choices will make a huge difference in the long-run. Save when you have extra so you aren’t desperately scrounging pennies when money is harder to come by.
This way of living, this mindset is what we call proactive living! Instead of reacting to your husband’s paycheck each week and letting that determine what you do and how much you spend — be proactive. Determine your budget and lifestyle proactively!
Keep in mind, this mindset should never be out of fear but wise stewardship of what the Lord has provided for us!
Happy homemaking!
Check out our Ultimate Frugal Christmas Gift Guide for thoughtful, frugal-minded gift ideas!
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