Saturday, May 10, 2008

Financial Times: Building A Nest Egg For The Future

With the financial instability at this point of what our future brings, it brings to my attention of what my family needs to focus on. What could I call this? A fresh start, or a budget and new savings plan? Whatever we all want to call it I need to start today as times might be changing Real soon!

With myself being a SAHM of four wonderful children I have felt the strain of a guilty conscience of what mistakes we have made with savings. Without proper advice and without looking into the different plans and intrest bearing accounts I am now looking into every possiable scenerio.

Many parents have built a large nest egg for their children. Numerous family members contributing to their little ones future, a little here and there with money being deposited when money is a little more plentiful. It makes me feel heard, and also understood when people give their time with our children instead of material items that seem to accumulate.Toys that are purchased with their hard earned money only to be in the trash because of ill care for them, or just plain because they are not made well. DVD's sitting on a shelf that have collected dust and really have no life lessons to teach my children. I just plain out feel guilty for depriving them of money that they could have had but chose to spend because they felt that was the best choice at the time. I do not feel bad when we are not given things.

I have felt so much joy in providing my close family, and friends with items that I have accumulated through the last few months. I feel great giving, even if it is thrifty, and not so much about the amount of money spent. My intentions are to show how much people mean to me, and for them to know that I have thought of them, yet doing this in a smart frugal kind of way.

I think that alot of us have struggled financially at some point of our lives. Some have lived pay check to paycheck for many years, and some folks have never struggled which I am very happy for them. It is easy to say our debt is from an illness, birth of a child, mortgage, a vehicle purchase and many other items that accumulate for potential financial disaster if the debt is not paid.

What is a family to do? Without the teachings from an experienced financial planner, or from the ministry of a family out of debt we need a better understanding of how money works and how we can use our money to help us make smarter choices for our future.

I am asking for input, on what works for your family what doesn't. I have learned a great amount of wealth through now many different blogs out there. I also have learned many life lessons, and alot of sincere encouragement through loyal readers of these blogs. Like others strolling on pay check to paycheck, I am strolling on by what feels right at this time, and what I have learned from others really making it work in their financial future.

May everyone that reads this thinks about what they have done to provide for their family's future.



Netherfieldmom said...

Hi--I saw your comment at Biblical Womanhood, about not having health insurance for yourself and I wanted to encourage you to check out Dave Ramsey's ELP's. I contacted Dave's site for an ELP (endorsed local provider)for health insurance, because we are self-employed. His ELP got in touch with me and we got much better insurance at a better price. It was easy and I was so thankful! To me, information is power. At least you'd have some idea what you're shooting for. I also use my online banking, a LOT! I have automatic transfers into my savings accounts and when I am working on my "debt snowball" (whenever we've received money!), I use it to pay a little something EVERY DAY on a debt. It makes me feel very in-control of my situation. We not there yet, but we're definitely on the path...Also, remember, the older you get the more insurance costs, so don't put off getting it. We have high deductible with Health Savings Account, which can be used for dentist, pharmacy, and non-prescription things. Blessings to you!

Melissa @ The Inspired Room said...

I second the idea of visiting Dave Ramsey's site! He is a wealth of knowledge. I also use automatic banking to put money into an "emergency fund." Thank goodness I did, because we definitely had an emergency this year when my husband ended up without a paying job! That emergency fund became our paycheck in between jobs. Check out Dave Ramsey for some great info!