Your Budget Might Be Holding Your Family Back—Here’s How to Fix It
A few months ago, I sat down with my budget and realized something: it wasn’t working. We had money coming in, but it felt like it was disappearing just as fast. Worse, I wasn’t being intentional about setting aside money for my kids’ future.
Sound familiar?
The truth is, most of us start with good financial intentions, but life happens. Expenses creep up, and saving for our kids’ future gets pushed to the side. The good news? A few simple shifts can put you back on track.
Here are five easy ways to refresh your budget and start building real savings for your children.
1. Audit Your Subscriptions and Cut the Dead Weight
The Problem: Money Is Slipping Through the Cracks
Between streaming services, meal kit deliveries, and forgotten gym memberships, small charges add up quickly. These expenses seem harmless, but over time, they can eat into money that could be growing in a savings or investment account. Many families don’t realize just how much they are spending on recurring charges until they take a closer look.
Think about it—how many times have you signed up for a free trial only to forget about it and keep getting charged? How many apps, digital magazines, or fitness memberships do you pay for but rarely use? It all adds up faster than we realize.
Trim the Fat
Take 15 minutes to review your bank statements and highlight every subscription. Ask yourself: Do we use this enough to justify the cost? If the answer is no, cancel it.
Even better, set a recurring reminder every three to six months to audit your subscriptions. Services like Rocket Money or Trim can help automate this process, identifying unused subscriptions and making it easy to cancel them.
For every subscription you cut, transfer that same amount into a savings account for your child. A canceled $15/month subscription? That’s $180 a year—money that can grow instead of disappear. If you cut out three or four services, you could easily free up hundreds of dollars annually for your child’s future.
2. Give Your Budget a Fresh Start with the 50/30/20 Rule
Most families don’t follow a structured budget, which means money flows out without a clear purpose. When this happens, saving for your child’s future becomes an afterthought. Without a plan, it’s easy to spend too much in certain areas and fall short in others.
A Simple, Proven System
The 50/30/20 rule is an easy way to structure your budget:
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50% on needs (housing, food, utilities, insurance)
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30% on wants (entertainment, eating out, hobbies)
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20% on savings and debt repayment
If you aren’t saving at least 20%, it’s time to adjust. Start by looking at the “wants” category. Could you reduce dining out from four times a month to two? Could you swap expensive entertainment options for more budget-friendly ones?
Even shifting 5% more into savings can create a huge difference in your child’s financial future. Over time, you’ll gain more control, build savings, and avoid the stress of living paycheck to paycheck.
3. Automate Savings for Your Kid’s Future
Many parents have the intention to save, but when saving depends on willpower, it often gets pushed aside. Without automation, it’s easy to forget to set money aside. Life gets busy, unexpected expenses pop up, and before you know it, another month has passed without adding to your child’s savings.
Automating savings removes the need for constant decision-making. Open a high-yield savings account, a 529 college savings plan, or a brokerage account and set up automatic transfers.
Many parents have the intention to save, but when saving depends on willpower, it often gets pushed aside. Without automation, it’s easy to forget to set money aside. Life gets busy, unexpected expenses pop up, and before you know it, another month has passed without adding to your child’s savings.
Even with the best intentions, consistently saving can be challenging without a structured approach. This often leads to emotional investing mistakes, as parents react to immediate financial pressures rather than adhering to a long-term plan.
Even a small, consistent amount—$25 or $50 a month—adds up over time and can grow significantly through investments. Want to simplify your financial planning? Check out Mostt for expert tools and insights to help you build a secure future for your family.
Here’s how to make automation work for you:
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Set up direct deposit: If your employer allows it, split your paycheck so a portion goes directly into savings.
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Schedule auto-transfers: Set a recurring transfer from your checking to your child’s savings account or brokerage account on payday.
When savings happens automatically, you won’t have to think about it. And over the years, these small deposits can grow into a significant financial foundation for your child.
4. Make Saving a Family Game
If your child isn’t involved in the savings process, they won’t understand the value of money or how to grow it. When kids only see parents handling money behind the scenes, they don’t develop the skills they’ll need to manage their own finances later.
Get Your Kids Excited About Saving
Turn saving into a family challenge. Set a monthly savings goal and track your progress on a chart. Reward your kids for contributing—if they put $5 into their savings, match it. Let them see their money grow so they connect saving with a sense of achievement.
Other ways to make saving fun:
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Create a “family investment club” where kids help research stocks and track their growth.
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Use a savings jar for younger kids so they can physically see their savings increase.
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Give kids control over small financial decisions (like picking a family outing within a set budget) to build confidence.
The goal is to make saving a habit they carry into adulthood.
5. Redirect Windfalls Instead of Wasting Them
Tax refunds, work bonuses, and unexpected gifts often get spent impulsively. These are missed opportunities for long-term growth.
Instead of spending unexpected money on things you won’t remember in a month, commit to saving at least 50% of every windfall for your child’s future. Whether it’s a $500 tax refund or an extra $100 from a side job, put half into their savings or investment account. Learn more about effective strategies for building your child’s financial future by visiting the Consumer Financial Protection Bureau’s resources on saving for children.
Your Future Self (and Your Kid) Will Thank You
The difference between families who struggle financially and those who thrive isn’t how much they make—it’s how intentional they are with their money.
Refreshing your budget isn’t about restriction. It’s about making your money work for you and your child’s future.
Pick one of these strategies and start today. Your child’s financial future depends on the choices you make now.
Which one will you try first?
