---
title: 12 Tips for a Financially Healthy Family 
description: Right now is always the right time to put a money management plan in place, especially for your family, and we have 12 tips to help you start.
---

[Hanscom FCU MoneyWisdom Blog ](https://go.hfcu.org/blog)

# [12 Tips for a Financially Healthy Family ](https://go.hfcu.org/blog/family-money-management-plan)

 Written by [Hanscom Federal Credit Union](https://go.hfcu.org/blog/author/hanscom-federal-credit-union) | Jan 11, 2018 7:21:36 PM

You don’t need a new year or a special occasion to begin getting your family’s financial life in order. Right now is always the right time to put a plan in place, and we have 12 tips to help you start.

1. ** Track spending to know where your money goes.** Identify expenses that can be reduced or eliminated—and take immediate action. To help you do this easily, we have a free workbook that you can download. [Click here](https://go.hfcu.org/mmp) to get your copy now.
2. ** Expect and prepare for emergencies.** Aim for six months worth of expenses set aside in a liquid account. Make this easy by scheduling a set amount to deposited into a savings account each week. Many of our members choose the Your Way  savings account because of the impressive interest rate. Learn more [here](https://www.hfcu.org/bank/checking-accounts/your-way-accounts_and_services.html).
3. ** If housing costs are too high, consider downsizing, renting or home sharing with friends or family members.**
4. ** Communicate about family finances regularly with your spouse or partner, and any of your children you feel are old enough to be involved.**
5. ** Do not try to "keep up with the Joneses (or the Kardashians)."**
6. ** Explore nanny share care, babysitting co-ops, and subsidized daycare.** Childcare is the single largest expense for most working parents, so investigate all reasonable options.
7. ** Explore whether you would be financially better off if one parent were to be a "stay at home" or a "work from home" parent.**
8. ** Unless you have endless funds, accept that you can't buy everything you want for your child.** This is often harder than it sounds.
9. ** Remember that you are the single greatest role model in your child's financial education.** He or she will remember everything, from arguments about money to how you deal with debt. Teach them good habits now.
10. ** Pay for unreimbursed medical expenses and dependent care with pretax dollars using a flexible savings account.** Check with your employer for availability.
11. ** Commit yourself to spending within your means. **A line of credit should never be confused with an emergency fund or extra income.
12. ** Remember, you are not being "cheap" for the sake of saving a few dollars.** You are being “frugal” for the well being of your family over the long term, and will come out ahead by doing so.

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*We care about your financial wellness. That’s why we’ve partnered with industry-leading BALANCE to provide you with confidential, no-cost financial counseling services to help you develop a sensible budget managing spending and debt.*

* *

 

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[View full post](https://go.hfcu.org/blog/family-money-management-plan)

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