Top 5 Things You Should Do NOW for Your Family Finances

If your family finances are in need of some TLC, you're probably at a loss of where to begin. Here are the top five things I suggest you do NOW for your family finances.

1. Start retirement funds. If you don't already have 401ks, 403bs, or IRAs, start today! Retirement savings is the most important thing you can do for your future, and the earlier you start, the better.

2. Set up a balance sheet. A balance sheet serves as a thermometer so you can learn exactly what your financial situation is. It's the best starting point, even though it can be uncomfortable to put together. You can't improve a situation that you can't understand.

3. Order your credit reports It's important that you review your credit reports annually, to detect fraudulent activity and to detect honest errors. The reports are free to receive once per year, and you should review a report from each of the three credit monitoring agencies.

4. Create a family budget Every family, regardless of their financial situation, should have a family budget. To create yours, start with your current expenses (review receipts, bills, and credit card statements from the last month or so. Be honest about what you are spending, and then decide what you should be spending. Finally, once you have a budget, make sure you track your spending.

5. Complete my "Getting on the same page" activity (printables are here) These activities will make sure you that you and your spouse understand each other's goals and are working toward the same outcomes.