Here are some useful savings tips for every family:

• Talk about local vacations instead of a travel vacation

• Make enough at mealtime to prepare bag lunches for everyone at least a few times a week – changing our disposable habits will result in a better family net worth statement. 

• Do not feel alone – recent stats show that consumers spend over $9 trillion a year.  It’s important to cut back by examining what we need vs. what we want vs. what we ‘think’ we can afford.

• When planning your children’s allowances, insist that at least 10% must be saved or invested (possibly a portion going towards balancing the family budget)

• Have goal-based savings accounts.  If your tween wants a new bike, let her contribute regularly to a “bike account.” While this may make the process a little longer (goodbye instant gratification!), once the goal is reached, the desire to get the new bike might go away.

• For teens getting ready to fly the coop, set up a mock apartment budget, and have them ‘pay’ the monthly amount into an account.

The bottom line is that there are many resources to assist people eager to change habits and increase the accountability of family spending.  I think that if a family does the work together, the sense of accomplishment will reward all involved.

Who knows, if we focus on the benefits of  family financial framework on an ongoing basis (not just in times of crisis), and spread the word, the nation might be a better and more prosperous place.

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Issue: November 2008