Between school pickups, meal prep and work emails, financial planning doesn’t always make the daily to-do list. But letting it sit on the back burner can come at a steep cost, especially for families managing tight schedules and budgets.
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The good news is that it doesn’t need to be complicated or time-consuming to create a solid plan that protects both today’s needs and tomorrow’s goals. Here are five money moves that can help busy parents build wealth — without adding more stress to their lives.
Many parents fall into what Kerry Meath-Sinkin, CFP®, AIF®, calls “ostriching” — ignoring finances because it feels overwhelming.
“Busy parents often see financial planning as a daunting, confusing task — so they naturally put it off,” she said.
But avoiding action only creates more stress down the line. Even a few small steps can reduce anxiety and build momentum. Begin with a basic review of monthly income and expenses, then set up automatic savings where possible.
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Life insurance isn’t exciting. It’s also essential. Too many parents assume employer coverage is enough, when in reality it rarely stretches far. If income disappears, families still face mortgage payments, childcare costs, future tuition and more.
Term life insurance offers affordable peace of mind, especially for parents in their 30s and 40s. Rates stay locked in for the duration of the policy, and coverage can be tailored to family size and income. A common rule of thumb recommended by experts is to aim for coverage that replaces 10 to 15 times your annual income — but if that’s not feasible right away, starting somewhere is better than waiting.
Saving for the future while managing today’s expenses is no easy task. If your employer offers a 401(k) match, most experts recommend making that your first priority. It’s essentially free money — a 100% return on your contributions — and one of the most effective moves you can make to build long-term wealth.
After capturing the match, focus on building a three- to six-month emergency fund. “This cushion prevents you from relying on high-cost credit if unexpected expenses arise,” said Meath-Sinkin. Once your emergency fund is in place, turn your attention to paying down any high-interest debt. Letting this kind of debt linger can quietly drain your budget and slow financial progress.
