We all face struggles, especially when we are raising a disabled child. However, there are steps that you can take today to stop the downward spiral that your family is facing.
Over the last few months, we have made some massive changes in how we are running our lives, and we have had some dramatic results. Today, I want to share 3 simple things you can do as a family to change your future, and stop spiraling out of control.
Start Doing a Monthly Budget
One of the biggest mistakes that we made for years was not doing a written budget. Most of us know how to stretch a dollar pretty well. We seem to make impossible decisions that create an effect on our whole family. However, when you do a written budget, you have a plan that will lead your family to where you want to go.
here are a few simple budgeting tips to help you start today:
Put it in writing
Use software to make it easier. We recommend the EveryDollar App from Ramsey Solutions. It is the App we use to do our budget every month.
Work Together
It is a good idea to have periodic budget meetings and sit down to agree on where your money is going. If something unexpected comes up, it is time for an emergency budget meeting
Account for Every Penny
Make sure you account for all the money coming in and all the money going out. You want your budget to be a zero sum total. You shouldn’t be negative, but you don’t want to have extra lying around. Give every dollar that comes in a name in your budget so that you know where your money is going.
Prioritize Your NEEDS
We all have needs, important bills, and wants. You need to make sure you prioritize your needs first. This includes Basic Food, Shelter, basic clothing, utilities, transportation, and insurance. Then worry about the important bills like credit card payments, hospital bills, and student loans. If there is any money left, set it aside for wants, or to make extra debt payments so that you get them paid off faster.
Getting On the Same Page
If you are married, you need to be making financial decisions together. When you get on the same page, you will have more focus going to the important things, and you won’t have nearly as many fights over where the money went.
The statistics show that money problems are the leading cause of divorce, and by working together you can eliminate this stress from your life. However, this doesn’t mean that you have to sit down completely going over the budget for hours at a time.
In fact, your budget meeting should last about 20-30 minutes. In order to do that, one of you needs to sit down and put down the basic budget, then you get together, go over it, and make changes to it.
Both of you need to have input into where you are going with your money, and you both have to agree to the final budget.
It takes a good 3-5 months to get the hang of it initially, but once you do, you won’t ever wonder where your money went again.
Agree To STOP Using Debt EVER!
Finally, you need to agree as a couple that you won’t ever use credit or debt again. Come to an agreement to use a cash flow system, and stop using debt as a tool.
Debt is the Destroyer of Your Dreams!
As I have read about wealthy people, and studied what wealthy people do, I have found that one of the big differences is that they get out of debt, and avoid using it at all costs.
I really recommend that you agree as a couple to get out of debt and stop taking on any new debt.
It’s hard!
With our special needs kids, and the mounting medical bills, equipment insurance won’t cover, and other extra costs to raising a special needs child, it seems impossible. But, it’s not.
In fact, I have seen several families, including my own,
