Financial Planning: Why I Have Found it to be so Important!

When we found out we were expecting our first child, although so excited, it wasn’t something we planned at that particular time so we were not exactly prepared to handle the financial aspect of an addition to our family.  I had the mindset of being prepared so that I could be a stay at home Mother, not a full-time working Mother.  My husband had become very ill and although we had no idea what we would be dealing with, it was something that would rock our family in many ways, financially included.

When Austin was only nine months old we found out that again we were expecting and were totally shocked!   Due to the amount of time Austin and I both were in the hospital, we were still paying our hospital bills and then Hubby started chemo during my pregnancy as well.  All hopes of staying at home at that point were thrown out the door.  With each milestone we faced, we realized that we would need to make adjustments.  Adjustments are not always easy, but totally necessary if you want to stay in control.

Time to Analyze our Financial Planning

Finances quickly became a topic of my thoughts more often than I would like.  Not only were there the day-to-day expenses and medical expenses but now with children there were also so many other financial aspects to consider.  I found by looking online there were so many places that offer awesome family financial planning online.

Although I had always been one with a budget, we had always had some wiggle room as well.  Times had now changed for us!  Planning was even more vital than ever!

That was about four years ago and although times have been difficult, we are in a much better financial situation than we were back then.   We prayed about so many things and started planning again.  Planning is truly the key to making financial planning a success.  We are no where close to where we hope to be but still are working towards our financial plan.

Setting Financial Goals in Small Steps is Vital! Know where you are today and where you want to be tomorrow, in three months, six months and even next year!

For 2013 we once again were surprised, on January 2nd actually to find out that we were expecting again!  We will be having a little baby boy towards the end of summer.  That means we need to focus on our family finances even more in 2013!  By the end of summer, we are planning (praying) that all will align so that I can work exclusively from home.  It will be a huge accomplishment and joy to work at home and be a stay-at-home Mom.

Our financial goals for 2013 are to pay off the remaining credit cards balance we have, have all or close to all of our medical bills for 3.0 paid by the time he arrives and save for a family trip to Disney World (that was derailed when we found out we were expecting).

What are your financial goals for 2013?

MassMutual is such an awesome source to help Moms start thinking about their attitudes toward finances and how they can take small steps forward in the process of planning for their financial future.  I encourage you to take the short quiz MassMutual has created to help each Mom on the right financial road.

Take the Quiz

If you are interested in learning more about financial planning, please visit MassMutual who can help you find a financial planner near your home.

I wrote this post as participation in a blog tour for Mom Central on behalf of MassMutual and received compensation in the form of an Amazon gift code to thank me for taking the time to participate.

14 thoughts on “Financial Planning: Why I Have Found it to be so Important!”

  1. I don’t really have any goals for 2013, it’s the next couple years after that I’m going to start planning. After I finish college and get into the career field I’m happy with. Once that is done I will start contributing to a 401K. I also want to have about 6 months worth of bill money saved up.

  2. I need to learn more about this. I have some money invested, but it was through my old job, and now I don’t know what to do with it. I need a grown-up.

  3. This is something I have been working on and am getting better. I try to evaluate our situation as often as I can and make sure we are making the right decisions for our family. I think slowly we are getting to where want to be. I have to say, we did manage to finally pay off our car so that is a start!

    1. Paying off your car loan is a huge deal! I remember what a relief it was to pay ours off. It isn’t new any longer but it is ours and I am good with that 🙂 Congrats!!!

  4. We started reading up on Dave Ramsay last year and were following his plan for a while to completely pay off our debt. We got a little derailed for a bit but are back on track and trying to start saving soon!

    1. I love Dave Ramsey! I think our next big goal is to pay off our house, which is possible in the next five years! It is exciting when you see things start to fall into place 🙂

  5. Congrats on your upcoming arrival 🙂 and good luck with your financial planning and your trip! I work full-time in banking and I’ve always been a planner (financially) it is so important to have a plan and set small goals for yourself so you don’t get overwhelmed.

    1. Thank-you and yes I totally agree! No matter how much you plan, you never plan for the unexpected or just think it could never happen to me. The reality is, things like getting really ill or spending weeks in the hospital are not things you plan but you can successfully recover from. I love seeing how many DO actually plan, there is no better way to be.

  6. What a great topic for discussion. I feel comfortable with our financial situation, but I know there are many out there who do not. We are also teaching our 4 & 7 year old daughters about money management.

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