Saturday, May 12, 2012

How to Start a Family Savings Program After Divorce

One of the biggest challenges of becoming a divorced family is dealing with financial strain. While financial strain may have been a part of your life while you were married, after your get divorced your problems double because your family income is now supporting two households.
Fortunately, there are strategies that you can implement that will not only bring you closer to your kids, but that will also help you make ends meet. One fun methods of coping with financial strain is to start a family savings program.

Strategy #1: Change Your Spending Attitude

There are a lot of things you can learn to live without when you have to. For example, you don’t need cable and you don’t need to go on a two week vacation to the Caribbean, however, it is nice to have little luxuries when you can afford them.
In order to make ends meet you most likely will need to eliminate many of your luxuries, however, this mild deprivation can be a great motivator for your family to work together to save money for a special family treat like cable for the year, a weekend camping trip or some other special treat.

Strategy #2: Decide Upon Your Goal Reward as a Family

The first step is starting a family savings program is to identify your goal item. This is the item that you all want to work for. For example, you may want to save up for a new home entertainment center, sports equipment or a great family vacation.
The goal needs to be something that everyone is excited about and will benefit from.

  • To come up with a family goal, hold a family meeting and brainstorm ideas without judging each idea.
  • Have someone be the secretary who writes the idea on a big piece of paper. Put down whatever the idea, no matter how silly or unpractical.
  • Vote. Let everyone vote 3 times. Then choose the one that is most popular.

  • Strategy #3: Save For Your Goal Rewared

    Determine how much money you will need to save up to get your goal. For example, a home entertainment center may include a wide screen television, a surround sound system, a new DVD player for new movies and games.
    After determining how much money you will need, you will then need to set a time goal. For example, have the money in 6 months, or you can set a specific date as your goal terminus.
    Now that you have your goal set, your next step is to figure out how each member of your family can contribute to meeting that goal. For example, mom can put aside $50 a week, teens can contribute $10 a week from their part-time job to help reach the goal and younger kids can gather and recycle cans and newspaper to help save for the family goal item. The objective is to have everyone contribute to the purchase of the family goal item.
    Living with children and divorce doesn’t have to be a negative thing. By investing your time and love into your family, you can develop stronger relationships with your kids and reduce miscommunications that often lead to divorced family strain.
    See other financial divorce family strategies on our children and divorce blog and add your ideas. We welcome your input.

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