Here are a few thoughts on prioritizing saving over spending. It’s easier and easier to spend these days with our phones and everything being online, but keeping financial priorities straight is important. Here are a few thoughts:

1. Plan with a budget - The best part of having a plan is that you control your money versus your money controlling you. We use YNAB for all of our budgeting and reset with a new plan each month.
2. Prioritize needs over wants - It’s easy to fall into the ‘want’ trap but as long as you have your priorities in order and set aside money for savings every month, you can have some wants. It’s simply a decision and being disciplined to follow through.
3. Dig your well before you’re thirsty - Having cash savings set aside is super important and building up an emergency fund up to 3 - 6 months depending on your situation is a wise move in my opinion. Dave Ramsey often talks about ‘Murphy’s Law’ that says whatever can go wrong will go wrong - think about car repairs. Those things always seem to happen at the worst times. Most people though are wiped out with medical or job loss.

Let me know your thoughts in the comments below!

My mindset in having a family budget is that it’s a tool for my wife and I to stay on the same page with our spending, our goals and for us to manage our money versus our money managing us. Here are 3 tips that work for me:

1. Have a budget - ‘You Need a Budget’ is a popular budgeting software program. As you know, I agree with the ‘need’ part no matter your financial situation. What company doesn’t have a budget? YNAB provides an automated way to track spending and maintain account balances. You can easily assign spending transactions to budget categories as well.
2. Flow with your budget - Plans can change and I believe you have to flow with them each month by moving money from category to category. There are always unexpected expenses as well, so you have to be willing to problem solve with the money you have versus mindless spending with a credit card. Overall, I just know our budget isn’t going to be perfect, so we adjust as we go.
3. Have a weekly meeting - This works well for my wife and me. We meet weekly for a few minutes to see how we’re doing. We make decisions together. We work on our financial goals together. We plan spending on fun things together. We have our own spending categories, but we manage all of our resources together. Together, we can accomplish more.

What works for you? Comment below and let me know!

If you’re interested in budget software, use this link to try YNAB free for a month and take control of your finances—gain clarity on your spending and focus on what truly matters!

I think it’s a good idea to clean house and get rid of junk occasionally. It’s amazing how we accumulate over time. I think the same can be done with our finances. Here are some ways I clean out the junk, or cut unnecessary expenses:

1. Review subscriptions - It’s super easy to subscribe to memberships and subscriptions. I just ask if it’s something that is adding value to my life. Is there an ROI? If not, it’s gone.
2. Remove habits - One habit for me can be buying coffee. I often buy a coffee when meeting someone at Starbucks or when I’m out and about. This adds up depending on how many coffees I buy per week. So it’s a matter of evaluating where I have created these habits and changing them when they seem to be getting out of control.
3. Budgeting - The last way I cut unnecessary expenses is by updating our budget every month. My wife and I give every dollar a job so that eliminates most random purchases. There is an amount set aside for eating out, coffee, etc. and when it’s gone, we have to make a conscious decision to move money from another category (give something up) or stop spending. Our budget helps us stay on track towards our financial goals.