In Part 1 of this article, 9 Year Mortgage discusses “The Problem” of excessive spending in families.  This additional article will help focus on some ideas that may lead you and your family to “The Solution” that is right for you in your personal situation.

When considering how to plan your family’s financial budget, 9 Year Mortgage warns not to neglect your own retirement savings by overindulging your child’s technological appetite. When you are in your 30’s, make sure to save at least 10% of your income.  If you happen to be between your 40’s and 50’s, you should be saving at least 15% of your income, if not more!  9 Year Mortgage realizes it hard to save this much of your income, so look at how much you are spending on your children and try to cut back if there are any excessive areas of spending.

9 Year Mortgage Suggests Ways to Cut Back

• If you have small children, work on cutting back your clothing purchases for them.  Keeping in mind the rate that children grow up, try not to spend as much on their clothes or other things that they will mentally or physically outgrow in the next little while. Instead, try buying their clothes on Ebay or at garage sales to save yourself a few bucks.
• One way to help cut back on your own expenses is to let your children start to pay for some of their own purchases.  Giving children the opportunity to buy their own toys or other items gives them a feeling of empowerment.  Some parents choose to give their children a weekly or monthly allowance.  Others might prefer to have their children do chores around the house to earn their allowance. You could encourage your teenage children to get a part time job during the school year or summer to help pay for some of their activities and other expenses.
• Children’s schedules are often saturated with music lessons, sports practice, summer camps, and so forth.  All of these in and of themselves are great activities to be involved in, but are your expenses adding up because of the them?
• What teenager does not have a cell phone these days?  Teens use their phones to download music, access email, and to send endless text messages to the world.  To cut back on costs, suggest to your children that you will pay the basics of their plan, but they are on their own for the rest of the bill.  Kids will be a lot more responsible with their phone if they know they will have to pay for overage charges, ring tones, and exceeding their texting limit.
• Tune in to the 9 Year Mortgage Money Saving Minute to learn more valuable money saving tips.

9 Year Mortgage recommends holding strong once you’ve made your policy clear

Do not run to the rescue of your children when their money supply runs out. They will learn how to manage their money more wisely if they know they have no financial back up from you. Make sure to brace yourself for a guilt trip, grumbling, or whining.  Children are masters at this, but do not break down!  If you do, they’ll know they can get you to do it again when they get into another trivial financial bind!

9 Year Mortgage hopes that the tips given in this article give you some ideas of ways you can better control your family’s financial expenses.

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