Fredericksburg Parent

16 Fredericksburg Parent and Family • September 2021 The pandemic has changed a lot for many families across the globe. For American families, it has changed the way they approach their finances. According to a recent debt.com survey, 80 percent of families are now using a budget—a big leap from a similar survey conducted in 2019, which found that 68 percent used a budget. Majority of families have become more dialed in to their personal finances. In fact, over half of Americans say the pandemic made them more aware of just how much they were spending. We spoke with two local experts to get the scoop on how you can get the most bang for your hard-earned buck. Habits of Financially Eff ective Families WRITTEN BY RHIANNON ELLIS Meet the Experts Jessica Shaulis: Financial Advisor and Fiduciary with First Command. Lamont Brown: Owner and Wealth Manager at ALNA Financial Group. Have Financial Goals An important first step in the financial planning process is to establish clear goals. These goals will look differ- ent for everyone because they will be based on the individual family's near and distant-future plans, such as housing goals, travel, college savings and retirement. When setting financial goals, it's important not to be too vague. "Where most make mistakes is not being specific with their goals," says Lamont Brown. "Be specific with a set date and a set amount. 'I want to pay 100 percent of my child's expenses at public in-state school in three years,'" he shares as an example. It's also essential that everyone in the family be part of the planning process and get on board to avoid conflict later on. "Have a conversation with each other about college goals, housing goals, etc.," suggests Jessica Shaulis. "There will be different priorities/goals for each family." 7

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