Managing family finances has all sorts of challenges — from budgeting to savings goals, loans, debt management, and more. However, with the right knowledge, you will surely get through it.
According to a consumer survey conducted by the Certified Financial Planner Board of Standards, it was found that 59% of the 300 adult respondents (aged 35 to 65 years old) do not track their spending, while two out of five never had a budget.
Meanwhile, in a Gallup poll, it was found that only 32% of Americans maintain a household budget.
Furthermore, the same poll revealed that only 30% of Americans prepare a long-term financial plan outlining their savings and investment goals in detail, while the 2020 ‘Financial Planning’ Survey Data Released by First National Bank of Omaha reported that 49% of Americans expect to live paycheck to paycheck in 2020.
In another study by FINRA Investor Education Foundation entitled, “The 2018 National Financial Capability Study,” it was found that over 53% of American adults feel anxious thinking about their financial situation. Forty-four percent even find it stressful discussing their finances.
The above-mentioned surveys and studies are just some of the many that are available out there.
Unfortunately, all of these show how badly Americans (particularly adults) are when it comes to their personal finances, which, in effect also affects how they handle their family finances.
However, this does not mean American people cannot change when it comes to how they handle their money – be it their personal, business, or the family’s money.
We believe that while change does not happen overnight, it will, eventually, for as long as there is a will.
Also, apart from that, proper knowledge, understanding, and guidance by experts are also essential to there can be a shift in how the American people handle their money.
With that said, in the next few sections, we are going to share with you some of the most important information you need to know when it comes to handling family finances.
From personal finance management to savings goals, loans, debt management, etc. – we got you covered.
In particular, we are going to tackle the following:
- About Banking
- Mobile Banking
- Online Trading
- Life Insurance
- Investment Platforms
- Credit Monitoring
- Online Fund Transfer
- Personal Finance Management Tools
Generally, banking refers to the act of accepting as well as safeguarding money owned by individuals, group of people, or entities, and then lending it out to make a profit or to cover operating expenses.
Banking also refers to the industry that handles cash, credit, as well as other financial transactions.
Banks refers to the physical structure that provides a safe place to store both cash and credit.
Banks offer a number of products and services, which include savings accounts, checking accounts, and certificates of deposit. Some banks also offer loan products and services.
In the U.S. economy, banking plays a very important role. In fact, it is one of the key drivers that keep the economy going.
When it comes to handling your personal finances or family finances for that matter, it is important to know and understand what banking is all about, the available products and services offered, how banking actually works, and how it will help you in your financial journey.
Banking is basic yet the most essential aspect of your financial journey. Needless to say, it is the most convenient and most accessible way to keep your money.
To help you understand better what banking is all about, and it is important in your overall financial journey, here are some references that you may check out:
- Your Guide On How To Get Started With Banking
- How Can I Easily Open Bank Accounts: A Step-By-Step Guide
- All About Checking Accounts: A Customer’s Guide
- What You Need To Know About Money Orders, Bank Checks, And Cashier’s Checks
- How To Balance Your Bank Accounts Each Month And Why You Must Do So
- What Is A Check Cashing Service And Everything Else You Need To Know About It
- 5 Major Types Of Bank Accounts To Choose From
- 7 Best Ways To Insure Excess Bank Deposits
- A Guide On What Is Fractional Reserve Banking
- Important Things You Need To Know About Naming A Beneficiary
Investopedia defines mobile banking as “the act of making financial transactions on a mobile device (cell phone, tablet, etc.)”.
Banking has never been so easy, simple, convenient, and accessible with the rise of the mobile banking industry.
In today’s digital age, it is not surprising that more and more banks (both old and new) are offering online services. After all, the number of people using online or mobile banking is impressively increasing over time.
With mobile banking, you can deposit a check, pay for merchandise, as well as transfer funds to a family member or a friend anytime and anywhere for as long as there is a secure internet connection.
Indeed, mobile banking has changed the way banking works.
If you want to know more about what mobile banking is all about, check out the blog posts below:
- 9 Advantages Of Online Banking That Will Change The Way You See It
- 5 Best Reasons For Using Online Banks Today
- 11 Best Online Savings Accounts In 2020
Mobile Banks for Personal Use
There are a lot of mobile banks out there, and choosing one can get a little challenging especially if you are new to mobile banking.
To help you choose the one that fits your needs and preferences, you may check out these mobile bank reviews:
- Chime Review: Is This Free Mobile Banking Ideal For You?
- Ally Bank Review: How It Works And Why It’s Popular
- Ally Bank Vs Chime: Choosing The Mobile Bank For You
- Ally Bank Vs Marcus: Your Guide In Choosing The Best Online Bank
- BBVA Bank Review: What You Need To Know Before Opening An Account
- BB and T Bank Review: Is It The Right Bank For You?
- BrioDirect Review: What Every Potential Client Must Know
- Chase Bank Review: Is It The Right Bank For You?
- Bank Of America Review: What You Need To Know Before Opening An Account
- N26 Review: What Makes This Digital Bank The Right Choice For You
- MoneyLion Review: What Makes It Your Perfect Online Banking Choice
- Simple Review: What Makes It The Right Mobile Bank For You
- Current Bank Review: Is It The Right Mobile-Only Bank For You?
- Varo Money Review: How It Differs From Other Mobile Banks
- Marcus Review: How It Differs From Other Online Banks
- Cogni Review: What Makes This Digital Bank Worth It
Mobile Banks for Students
Meanwhile, if you are a student who wants to start early when it comes to financial management, or you are a parent who wishes to teach your kid about financial management through banking, here are some blog references for you:
Mobile Banks for Businesses
Mobile banks are not only available for personal use. In fact, even businesses can take advantage of what mobile banks have to offer.
There are a few mobile banks for businesses out there, and NorthOne is one of them. Know more about this mobile bank and what it offers in the blog below:
NerdWallet defines trading as the act of buying and selling stocks regularly in an attempt to time the market.
Furthermore, the website explains that the goal of traders is to “capitalize on short-term market events to sell stocks for a profit, or buy stocks at a low. Some stock traders are day traders, which means they buy and sell several times throughout the day“.
Meanwhile, online trading refers to trading stocks using an online platform. Online trading has become increasingly popular among traders because it’s timely, convenient, and easy.
There are a lot of online trading platforms out there, and one of them is eToro. Know more about what this online trading platform has to offer in the blog post below:
According to Forbes Advisor, life insurance refers to “a contract between you and an insurance company. Essentially, in exchange for your premium payments, the insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death.”
Generally speaking, life insurance is essential especially if you have dependents (which normally refers to your spouse and child/children). It helps protect your dependents and allows you to leave them a non-taxable amount at the time of your death. Apart from that, life insurance can also be used to cover existing mortgages as well as personal loans.
There are a lot of life insurance companies out there to choose from. These days, life insurance companies can also be easily found online.
Over time, insurance companies have adapted to the changes brought by technology and the internet. So, yeah, if you are looking for life insurance company options, we recommend you check these blog posts below:
- Ladder Insurance Review: A Game Changer In How You Buy Life Insurance
- Bestow Life Insurance Review: Everything You Need To Know
- 9 Best Online Life Insurance Companies To Deal With
Investing is an essential way to help keep your family finances on a positive note.
An investment platform refers to an online service that allows consumers to buy, sell, as well as hold funds.
Most investment platforms are on a non-advised basis, which allows you, the consumer to do everything on your own. However, there are also those that are on an advised basis wherein the consumer has the option to use a financial adviser who will invest on his or her behalf.
Online investment platforms have become very popular among consumers over recent years as it can be a tax-efficient way to hold investments.
With its gaining popularity comes a lot of choices. Yes, there are many online investment platforms out there for you to choose from.
To help you choose the right online investment platform, and to know more about investing, check these reviews and references:
- Acorns Vs Stash: Your Guide In Choosing The Best Micro-Investing App
- Wealthfront Vs Personal Capital: Which Investment Platform Is The Best?
- Schwab Vs Fidelity: The Best Investment Firm For You
- Your Guide In Choosing Between E*TRADE Vs TD Ameritrade Vs Robinhood
- AcreTrader Review: What You Need To Know
- Roofstock Review: Your Ideal TurnKey Real Estate Investing Platform
- Streitwise Review: Is Commercial Real Estate Investing For You?
- Fundrise Review: Passive Investing Commercial Real Estate – Is It For You?
- Should I Use The Investment Services At My Bank: What You Need To Know
Investopedia refers to the term loan as “a type of credit vehicle in which a sum of money is lent to another party in exchange for future repayment of the value or principal amount”.
If you want to have a better understanding of what a loan is all about, we recommend you check these references:
- Where Is The Best Place To Get A Loan From?
- Your Guide On How To Find Low Interest Loans
- What Is The Financial Definition Of Loan Commitment And How To Avail It
- What Are Collateral Loans And What Makes Them Ideal For You
- How To Use A Line Of Credit And Make The Most Out Of It
There are different types of loan out there, but some of the most commonly offered by banks and lending companies are:
- Auto Loan – Also known as a car loan, this allows you to acquire a vehicle. Normally, car loans or auto loans are collateral loans, which means the vehicle automatically serves as collateral in case the borrower fails to pay off the loan.
- Business Loan – This type of loan is specifically intended for business purposes. You can use it to open a new business or for expansion of an existing one.
- Home Loan/Mortgage – This allows the borrower to purchase his or her dream home. Home loans usually consist of an adjustable or fixed interest rate and payment terms.
- Payday Loan – This refers to a short-term loan that can help cover your immediate need for cash. This usually comes with a higher interest rate.
- Personal Loan – This is the most common type of loan out there. A personal loan can be used for almost any type of purchase — especially big ones. It usually comes with a lower interest rate as compared to credit cards.
- Students Loan – This type of loan is specifically designed to help students pay for their education as well as other school fees and charges. It can also be used to pay for books and school supplies.
Know more about these types of loan in the blog posts below:
- Avant Loan Review: How It Fairs In the Online Lending Industry
- What Is A Personal Loan: Everything That You Need To Know
- Are Personal Loans Taxable: Important Details You Need To Know
- What You Need To Know On Bank Loans And Personal Loans
- Your Guide On How To Get A Personal Loan After Bankruptcy
- 5 Banks That Offer The Best Debt Consolidation Loans
- What Is A Holiday Loan And Should You Get One: Things You Need To Know
- Relocation 101: Should You Get A Personal Loan For Moving Expenses?
- CornerStone Personal Loans Review: Your Ultimate Guide
- RISE Credit Personal Loans Review: Why Consider Getting A Loan From Them
- AmeriCash Installment Loans Review: For Your Immediate Cash Needs
- 7 Best Personal Lines of Credit In 2020
- Finova Financial Personal Loans Review: What Borrowers Need To Know
- OneMain Financial Loans Review: Why Choose It Over Other Lenders?
- LoanDepot Personal Loans Review: A Borrower’s Guide
- Fifth Third Bank Personal Loans Review: Is It The Right Lender For You?
- LightStream Personal Loans Review: The Best Online Lender For You
- Personify Financial Personal Loans Review: Is It The Right Lender For You?
- 5 Lenders That Offer The Best Personal Loans For Fair Credit
- Upstart Loans Review: How It Leveled Up The Online Lending Game
- Upgrade Personal Loans Review: Is It The Right Online Lender For You?
- Prosper Personal Loans Review: What You Need To Know About This P2P Lender
- PersonalLoans.com Review: Your Guide To A Seamless Online Loan Transaction
- 7 Best Auto Loan Rates In The Country Today
- 3 Major Ways On How Will You Finance Your Car
- The Basics Of Car Loans: What You Need To Know
- 5 Of The Best Online Car Buying Sites In The Country
- 7 Ways On How To Pay Off Your Car Loan Early
- SunTrust Bank Auto Loans Review: The Best Auto Lending Company For You
- An In-Depth Wells Fargo Auto Loans Review: What You Need To Know
- PayPal Business Loans Review: Everything You Need To Know
- 5 Companies That Offer The Best Fast Business Loans
- Financial Institutions With The Best HELOC Rates In 2020
- Navy Federal Credit Union Mortgage Review: Your Ultimate Guide
- 9 Best Mortgage Lenders In The Country Today
- 7 Best Refinance Mortgage Companies
- JG Wentworth Mortgage Review: Understanding What’s In It For You
- Discover Student Loans Review: What Makes It An Ideal Lender
- Navient Student Loans Review: A Borrower’s Guide
- 7 Best Student Loan Refinance Companies in 2020
- 5 Popular Ways On How to Pay for Supplemental Education
- Commonbond Student Loans Review: Every Student Borrower’s Guide
- Nelnet Student Loans Review: Why You Should Take Out A Loan From It
- Citizens Bank Student Loans Review: The Right Lending Company For You
- Aspire Student Loans Review: What You Need To Know
- Brigit Review: Knowing And Understanding How It Works
- Plain Green Loans Review: Everything You Need To Know
- Spotloan Review: The Best Short-Term Lender For You
- 5 Best Payday Loan Alternatives That Offer Lower Rates
Other Types of Loan
Apart from the above-mentioned loan types, there are less commonly known types of loans, which include:
Point of Sale Financing
Tax Refund Advance Loan
Loan marketplaces are online sites or platforms where you can easily find a lender for your loan needs.
While there are a lot of them out there, here are some of them:
- Fiona Loan Review: How It Makes Finding Lenders Easier
- Credible Loan Review: The Best Online Loan Marketplace Right For You
In this day and age, there are a lot of products and services that will help keep you on track of your family finances – one of them is credit monitoring.
According to an article published by CNBC, credit monitoring basically refers to what the name suggests — it monitors your credit.
These services help track your credit history as shown on your credit report and send alerts via email, SMS, or phone call in case changes transpire. This helps hinder potential fraud, should there be any.
Furthermore, the article says, “credit monitoring services provide an automated and faster way to track changes to your comprehensive credit file”.
There are a lot of credit monitoring services out there, and each of them has its respective list of activities. However, some of the common activities among them are as follows:
- New accounts opened under your name
- Hard inquiries on your credit report
- Balances and payments
- Name changes and/or new address
- Public records like bankruptcies
- Personal information like your social security number, email address, and password
While credit monitoring services are helpful in spotting potential signs of fraud, please note that it is not as comprehensive and does not provide a holistic approach to prevent identity theft or unauthorized transactions.
As earlier mentioned, there are a lot of existing credit monitoring tools out there, which include Credit Sesame and Credit Karma. Know more about these services in these blogs below:
- Credit Sesame Review: How It Works And Why It’s Right For You
- Credit Sesame Vs Credit Karma: Best Credit Monitoring Tool For You
ONLINE FUND TRANSFER
As obvious as it is, online fund transfer refers to the act of transferring funds through an online platform. Normally, freelance workers or work from home workers use online fund transfer platforms to receive payments from their clients.
However, over time, these platforms have also been used to transfer money within families – especially those who are far from one another.
While there are many available options out there, TransferWise and Xoom are some of the most popularly used online fund transfer platforms these days. Know more about them in the following reviews:
- Transferwise Vs Xoom: The Best Online Money Transfer Provider For You
- TransferWise Review: Why Use It Over Other Online Fund Transfer Platforms
PERSONAL FINANCE MANAGEMENT
Personal finance management tools refer to a platform or software that helps individuals or families in handling their money.
A personal finance management tool is very helpful especially in handling family finances. This helps ensure that all funds are directed to where they should be.
There are a lot of personal finance management platforms out there, and to be honest, it’s just about choosing the one that suits your and your family’s needs.
To know more about what’s out there, check the blog posts below:
- Mint Vs Personal Capital Vs YNAB: The Best Personal Finance Tool For You
- Quicken Vs Mint: Which One Is The Best Budgeting Tool For You?
- Mint Vs YNAB: Finding Out The Best Budgeting Tool For You
- Personal Capital vs Quicken vs Moneydance: Which Is Ideal For You?
- Truebill Review: How It Helps You Save Money From Your Bills
- GoHenry Review: The Key To Teach Your Young Kids On Financial Literacy
FINAL THOUGHTS ON FAMILY FINANCES
Handling family finances may be quite a challenge back in the days, but in this era, it is made easier. Thanks to technological advancements, today, there are various tools and platforms (mostly available online) that can help you in managing your personal, business, and most of all, your family’s money.
Are you now excited to manage your and your family’s money?
As mentioned, keep in mind that with existing finance tools and platforms, handling your family finances should be a breeze.