Budget Needs First, then Wants

Many of us, sadly, tend to live beyond our means. That's a problem for two reasons. First, it's an easy way to find trouble. Second, it's a poor role model for your children. If you start keeping a budget early in your marriage, then when kids come along, it's easier to keep the budget going. Kids learn to manage their money as well. To avoid living beyond your means, budget your needs first. Then, and only then, factor in your wants with the money left over. If you are living hand to mouth, practice saving, scrimping, and planning ahead. Where you come up short and wants are out the window, use a family meeting to let the kids know the circumstances, active listen their frustrations to lower their emotional fever, and then brainstorm options for living within your means.