(InvestigateTV) — Working parents are juggling more than ever, from packed schedules and rising costs to jobs and family responsibilities.
Financial planning expert Stoy Hall, founder of Black Mammoth, a financial planning and wealth management firm, said the first step is simple: take a moment to breathe and then get organized.
Hall said parents can end up feeling stretched thin because they always have to remember everything. He said parents only have so much brain power, so they should figure out what they can automate.
“Which means, yes, your budget, which means going into savings, maybe paying those bills, maybe paying for sports or band or whatever it may be, but make sure that’s just on auto and you don’t have to use any brainpower to think about it, because once you start doing that, things will get dropped,” Hall said. “Both personally, both with your finances, maybe in business or at work, and then that just starts to snowball.”
People get energetic about the new year, but it’s coming off the holidays, which are expensive for many families. Hall said to keep goals going into the new year, parents need to first identify what matters most to them.
“If you can do that first, I can’t guarantee anything, but I will say you will stick to your plan a lot longer than others because it’s actually tied to who you are and what brings you joy, not what media saying to do or not what your emotions that day told you to do,” Hall said.
Hall said parents should revisit the goals they set for themselves monthly, so they don’t fall to the wayside.
Hall also advised bringing kids into the plan. He said to tell them what you’re trying to do and help them understand why you’ve created money goals. It’s a valuable lesson for them to learn early.
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