Kids will soon be home every day due to summer break. Vacations are on the horizon, and spring sports will soon be in full swing. While all these activities are enjoyable, they have significant cost implications. Without a plan in place, activities like these can quickly overwhelm a family budget.
Create a Family Financial Account
Creating a financial plan ensures all family members are on the same page as far as spending goes. If you and your spouse are going in different directions, you can’t move forward, and you can’t hit your money goals. In addition, financial plans allow families to plan for expected and unexpected expenses throughout the year.
Examine Your Insurance Policies
It is very common for people to set up insurance policies and continue to use them year after year without checking in on them. As priorities are shifted, and life changes occur, your insurance policies should be changed as well. You should meet with your insurance agent at least once a year to review policies, make sure you still need everything you are paying for, alter policies if necessary, etc. It’s also never a bad idea to shop around with insurance. See if there are better rates out there by contacting an independent insurance agent.
Check-in on Your Subscriptions/Bills
Have you checked in on how much you are paying for cable and internet lately? These companies will often raise rates without telling you. Call your cable provider to see if there are any promotions or discounts you can take advantage of. Sometimes, enrolling in autopay or paperless billing can save a few dollars a month. Even if you don’t pay for cable, are you really getting your money’s worth with your Netflix, HBO Go, Hulu, Apple TV, and Peacock subscriptions? Probably not. And if you aren’t already, bundling cable and internet is also a cost-efficient practice.
If you need help getting started on a family budget, come talk to the experts at Lineage Bank! We’re located at 120 5th Avenue North in downtown Franklin.
President & CEO, Lineage Bank
Kevin Herrington is the president and CEO of Lineage Bank, a multi-branch community bank based in Williamson County. Kevin has more than 20 years of banking experience and is a graduate of Belmont University in Nashville. He currently lives in Franklin with his wife and children.