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How to be happy with your family budget

Do you know how much money is flowing in and out of your house each month? 

Nicole Rule didn’t. She hated budgeting until she realized that she was spending more than they make every month.

She started reading books, and budgeting.  They ended up paying off their large amount of debt within 18 months. 

It involved a lot of crying and working three jobs.  She felt that method was way to extreme and now wants to help you deal with your money in a happier way.

Here are her tips:

Define your values around money

First, get really specific about what you prioritize.

If we know our values we’re not beating ourselves up and having this guilt and shame about our spending habits.

Nicole gives the example of her grocery budget.  She values community and having people over for dinner so her grocery budget is going to be much larger than the typical person’s grocery budget… and that’s OK!

You don’t have to follow a formula for budgeting

There is no “right” or “correct” percentage to have for each budget category nor does every budget system work for each person.  You decide the appropriate expenditures for you. 

Nicole admits they probably should have taken four years to pay off their debt instead of the 18 months.  She wishes they went on vacations more during that time and had more fun. 

It shouldn’t need to hurt to be successful.

A Budget Makes Family Decisions Easier

Say your kids always like to order in and don’t know why you say NO all the time. 

 A budget based on values helps.  

Nicole gives her family’s annual beach vacation as an example. “Yes, we have to say no to takeout tonight, but that’s another $50 we have for the beach later.”  

It teaches kids how to delay gratification.

It’s Not About Allowance, It’s About Teaching Your Kids Healthy Money Habits

Nicole suggests that giving your kids a set amount of money regularly (weekly, monthly, whatever) can teach them more than just the typical Spend-Save-Donate. You can teach them about the benefits of saving.

 In her household, she and her husband match the amount of money the kids put into their “Save” account. This helps their kids not only be motivated to save more than they spend, but it also shows that their parents have a vested interest in saving money for future use. 

Another great tip from Nicole was to have a “Sibling fund”. In her household, they have found that their kids like to put money aside to spend on their siblings. This not only helps build the gift-giving thought process, but it also helps build positive relationships with their siblings.

Resources we mentioned: 

The DOT Student planning System

Greatest Worth website with Nicole Rule

The Abundant Life Summit

Download the Transcript here

The best mom is a happy mom.  To better take care of you, download our No Guilt Mom Mindset HERE.   These reminders will help you second guess less and feel more confident every day in your parenting. 

Brie Tucker

COO/ Podcast Producer at No Guilt Mom
Brie Tucker has over 20 years of experience coaching parents with a background in early childhood and special needs. She holds a B.S. in Psychology from the University of Central Missouri and is certified in Positive Discipline as well as a Happiest Baby Educator.

She’s a divorced mom to two teenagers.

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