I spent the morning reviewing the family budget as I am prepare to send my youngest son off to college next year. As I reviewed facts and figures, I thought about budgets past and budgets future. While most of us can never really be sure about our finances, we can make some good decisions and future plans.
Coming from a big family who made it on their own, it was the expectations that I would make it on my own too. My parents were generous as they supported my college education and helped me gain my independence after that. I also contributed by working through high school, college summers, and beyond. I never had a lot of extra, but I almost always could pay my bills and enjoy life a bit too.
I followed my passion to become a teacher, and lived on what was a very small salary in the early years. My husband who chose similar work in public health earned a similar income. When we bought our first house, we bought it with $5,000 in savings--that was many years ago, and you could do that then. We paid the extra mortgage fees associated with such a small downpayment, and then borrowed on the house from time to time throughout the years of raising our children to pay for necessary expenses that came up.
My sister was a great guide as she's a fan of the mantra, "Always live a bit below your means so you have money for a rainy day." We followed her good advice and also had the good fortune of health and no major catastrophes so we've been able to pay our bills and live within our means.
It's especially difficult to live within your means and earn enough money as young parents who are paying a mortgage, taking care of children, and meeting the expectations of your job. With this in mind, I think it's great if young people can try to get established with job skills and some savings before having children so they are ready for those busy years. I also think it's a good idea to always continue to develop your skills and abilities so you're up-to-date with what the job requires. As my dad always says, "A little for today and a little for tomorrow," which means make sure you set aside a number of days each year to take a course, attend a conference, read a book, and work a bit extra to keep your skills strong and attractive.
In terms of budgeting, it's also important to live for today and tomorrow too. When you think about what's really important to you, it's easier to save and forgo spending that doesn't translate into really good living. There will be some money wasted particularly during those busy raising-a-family years since you are so busy, but with good planning and a vision about where you and your family want to go, you'll be able to craft a good plan.
When I was in those busy years, I wanted to quit work. It was so difficult working every day and coming home to a house-full. My mom encouraged me to stay the course since she recognized that a woman's independence in many ways is tied to her ability to support herself. Though difficult, as I look back, it was very good advice, advice that has helped my family and me a lot.
Why do I share this story today--a story that's somewhat personal and a story that doesn't fit into the mantra, "Don't talk about your finances." I share it because no one really discussed this much with me, and I think there may be many young people out there who really don't take the time to think about their financial welfare now and into the future. Though we can't foretell the future and we don't know what's going to happen, having a good financial plan that includes building your employment skills, saving for your dreams, and living a bit below your current means can really help you to forge a good path ahead.
Of course if I was smarter I would have taken a few investment courses, and worked along those lines too. I suppose there's still time for that as I move forward. Onward.
Coming from a big family who made it on their own, it was the expectations that I would make it on my own too. My parents were generous as they supported my college education and helped me gain my independence after that. I also contributed by working through high school, college summers, and beyond. I never had a lot of extra, but I almost always could pay my bills and enjoy life a bit too.
I followed my passion to become a teacher, and lived on what was a very small salary in the early years. My husband who chose similar work in public health earned a similar income. When we bought our first house, we bought it with $5,000 in savings--that was many years ago, and you could do that then. We paid the extra mortgage fees associated with such a small downpayment, and then borrowed on the house from time to time throughout the years of raising our children to pay for necessary expenses that came up.
My sister was a great guide as she's a fan of the mantra, "Always live a bit below your means so you have money for a rainy day." We followed her good advice and also had the good fortune of health and no major catastrophes so we've been able to pay our bills and live within our means.
It's especially difficult to live within your means and earn enough money as young parents who are paying a mortgage, taking care of children, and meeting the expectations of your job. With this in mind, I think it's great if young people can try to get established with job skills and some savings before having children so they are ready for those busy years. I also think it's a good idea to always continue to develop your skills and abilities so you're up-to-date with what the job requires. As my dad always says, "A little for today and a little for tomorrow," which means make sure you set aside a number of days each year to take a course, attend a conference, read a book, and work a bit extra to keep your skills strong and attractive.
In terms of budgeting, it's also important to live for today and tomorrow too. When you think about what's really important to you, it's easier to save and forgo spending that doesn't translate into really good living. There will be some money wasted particularly during those busy raising-a-family years since you are so busy, but with good planning and a vision about where you and your family want to go, you'll be able to craft a good plan.
When I was in those busy years, I wanted to quit work. It was so difficult working every day and coming home to a house-full. My mom encouraged me to stay the course since she recognized that a woman's independence in many ways is tied to her ability to support herself. Though difficult, as I look back, it was very good advice, advice that has helped my family and me a lot.
Why do I share this story today--a story that's somewhat personal and a story that doesn't fit into the mantra, "Don't talk about your finances." I share it because no one really discussed this much with me, and I think there may be many young people out there who really don't take the time to think about their financial welfare now and into the future. Though we can't foretell the future and we don't know what's going to happen, having a good financial plan that includes building your employment skills, saving for your dreams, and living a bit below your current means can really help you to forge a good path ahead.
Of course if I was smarter I would have taken a few investment courses, and worked along those lines too. I suppose there's still time for that as I move forward. Onward.