HOW TO GROW WEALTH AND MANAGE FINANCES WHILE BALANCING KIDS, CAREER, AND LIFE GOALS

Managing finances can feel overwhelming when you're balancing kids, a career, and countless other responsibilities. The good news is that you're not alone if you're feeling stretched thin—and not knowing where to start is more common than you might think. But effective financial management is crucial, especially if you have loved ones counting on you.

Let’s break down some foundational steps and explore how Granite Wealth Management can help you grow your wealth, protect your family, and plan for a brighter financial future.

Lose the guilt—you’re not alone

If you feel behind or overwhelmed, take heart: many people in their 30s and 40s struggle to keep their finances on track amid life’s many demands. The pressure to “do it all” can be intense, and finances often take a back seat.

Remember, managing money doesn’t require you to have every detail perfectly planned out; small, consistent steps can build momentum.

Why financial management matters—especially for your loved ones

While it’s easy to put off wealth planning when you’re juggling bath time, the school drop-off line, and countless soccer games, managing your money effectively is essential when you have a family.

Your financial health affects not only your quality of life but also the lives of your children, partner, and even aging parents if you’re a caregiver. A solid investment plan provides stability, security, and room for growth—making it easier to tackle life’s curveballs while building a future your family can rely on.

Let’s break down some of the steps you can take now to set you and your family up for success as you work toward your financial goals:

Start with money basics: Tackling debt, saving, and budgeting

1. Get out of debt: We know every “financial guru” out there says this, but it’s because it’s true. Focus on paying off high-interest debt first (such as credit cards) to free up more money for savings and investments. Even making small additional payments each month can make a big difference.
2. Build an emergency fund: Aim to save 3-6 months’ worth of living expenses in a liquid, easily accessible account (consider a high-yield savings account). This fund acts as a financial cushion against unexpected expenses or potential gaps between jobs.
3. Contribute to your retirement: Many people don’t contribute enough to their 401(k) or other retirement accounts, but this is one of the most powerful ways to secure your financial future. Consider setting up automatic contributions so your retirement savings grow consistently without extra effort. For extra guidance on retirement planning, click here.
4. Create a realistic budget: “Realistic” is the operative word here! Budgets do you no good unless you can reasonably stick to them. Even just starting by understanding where your money is going each month can be a huge eye-opener. Many of us underestimate spending and end up with less to save or invest. Use budgeting apps or even a simple spreadsheet to track expenses and identify any opportunities for savings. Many banks already offer free features to help you with this.

Planning finances for your family: Steps to take when you have kids

1. Life insurance: Especially if you have children, term life insurance provides affordable protection for your family. A wealth or investment planner can help you determine the right coverage to ensure your family’s lifestyle is protected.
2. Education savings: College expenses continue to rise, so it’s wise to start saving early. This is especially true if you are looking at private schools (before college) for your kids as well. A 529 plan is a tax-advantaged account for education expenses, with the potential for growth over time through compounding. An investment planner like Granite can help you navigate state-specific 529 options and set realistic education savings goals.
3. Estate planning strategies: It can feel strange to think about estate investment planning when you’re young, but this is a really important step if you have kids. You want to do everything possible to make sure they are cared for no matter what. As part of your estate planning strategies, for instance, it’s crucial to keep your beneficiary designations updated. Consider creating a will or trust to ensure your assets are protected, your kids are provided for, and your wishes are honored.

Career perks: Take advantage of employer benefits

Many employers offer benefits beyond a paycheck. Be sure to review and consider these options:

• 401(k) matching: If your employer matches a percentage of your contributions, try to contribute at least enough to take full advantage of this “free money.”
• Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs): These tax-advantaged accounts can help you save for healthcare expenses, which can be a huge help if you’re juggling multiple financial priorities. Many HSAs even offer the option of investing some of what’s in your account, and an investment planner can help you take advantage of that option if it makes sense for you.
• Roth 401(k) option: If available through your employer, this allows after-tax contributions, which can provide tax-free withdrawals in retirement.

Consider asking for help: Why hiring an advisor can be worth It

Hiring an investment advisor may seem like an extra expense in an already tight budget, but it has the potential to save you a lot of time, stress, and money in the long run. A financial advisor can help you streamline your finances, make educated decisions, and avoid costly mistakes.

With decades of experience working with multi-generational families, Granite Wealth Management understands the needs of younger professionals and the complexities of family life. Our expertise allows us to offer holistic, practical solutions tailored to your unique situation.

With these steps in mind, remember that you’re not expected to be a financial expert to start taking action for financial stability. Granite Wealth Management is here to help you plan for the future you envision, help protect your family, and make a plan to build wealth in a way that aligns with your busy life.

Take the first step by reaching out to discuss your financial goals and set a course for a confident financial future.

Your Checklist for Growing and Protecting Wealth While Managing a Busy Life

Start by asking the right questions

A successful financial strategy starts with asking the right questions. It helps you gain a full picture of your current assets and needs, while beginning to plan for the future.

Granite Wealth Management encourages clients to consider questions like:

• What are my current monthly expenses, and are there areas for savings?
• How can I take advantage of any employment benefits offered to me?
• How much life insurance do I need to protect my family’s future?
• Do I have a plan for my children’s education costs?
• What steps can I take to reduce my tax liability?
• Do I have a plan if a family member, such as an aging parent, needs long-term care?
• What are my hopes for retirement and am I planning adequately for those?

These questions might seem overwhelming, but step one for responsible money management is getting a clear understanding of what you have on lock and what might still need attention.

Take action. And remember: small, consistent steps can build momentum

As you’re taking steps, this checklist as a quick-reference guide to help you focus on building a secure financial future:

• Start paying down debt: Target high-interest debt first, such as credit cards, and make consistent payments. Even paying just a little bit extra goes a long way!
• Build emergency savings: Aim for 3-6 months of expenses in an emergency fund.
• Maximize retirement contributions: If possible, contribute enough to your 401(k) to receive the full employer match.
• Consider Life Insurance: Calculate coverage that would protect your family in case of unexpected events.
• Open a 529 Plan for education savings: Start saving early to take advantage of compounding growth.
• Review employer benefits: Look into options like HSAs, FSAs, and Roth 401(k) to maximize tax-advantaged savings.
• Update beneficiaries and estate documents: Ensure your will and other documents reflect your family’s current needs.
• Meet with an investment advisor: If you feel overwhelmed or need help, an advisory firm like Granite Wealth Management can help create a tailored financial plan, address questions, and alleviate the burden of going it alone.

Use this checklist to start taking action. And if you’d like help thinking through your full financial picture, managing the building blocks of your finances, or planning for the future, Granite Wealth Management can help you tackle each one in manageable steps. Reach out for a conversation about how we can help.