Your Money Mentor Minute

Introduction

Welcome to this week’s edition of Your Money Mentor Minute! This week, I’m covering two main topics around the Dos and Don’ts around Managing Your Family Finances, and The True Cost of Raising a Child. Let’s get started!

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Your Money Mentor Minute: Family Finances Dos and Don’ts

Managing money within a family can be tricky. With different financial priorities, unexpected expenses, and the challenge of balancing short-term needs with long-term goals, it’s easy to feel overwhelmed. But with the right approach, family finances can be a source of strength rather than stress. This week, let’s dive into some essential dos and don’ts of family money management and the best practices to help you build a strong financial foundation.

Dos: Smart Family Finance Habits

✅ Have Regular Money Conversations
Don’t let financial discussions be a one time type event. Set up monthly or quarterly check-ins to review your budgets, savings progress, and upcoming expenses together. Open communication ensures everyone is on the same page and helps prevent financial surprises as a couple.

✅ Create a Household Budget
A family budget helps track income and expenses, ensuring you’re living within your means. Allocate funds for necessities, savings, and discretionary spending while leaving room for unexpected costs.

✅ Prioritize an Emergency Fund
Life happens. Whether it’s a medical bill, car repair, or sudden job loss, having an emergency fund (3-6 months of living expenses) provides financial security and prevents you from going into debt.

✅ Teach Kids About Money Early
Financial literacy starts at home. Teach your children the value of saving, smart spending, and even basic investing. This instills good money habits that will serve them for life.

✅ Plan for the Future Together
Whether it’s saving for your child’s education, buying a home, or preparing for retirement, involve your family in setting financial goals. Working together towards a shared future strengthens your financial position and builds a culture of financial responsibility.

Don’ts: Common Family Finance Mistakes

❌ Avoiding Financial Conversations
Ignoring money matters can lead to misunderstandings and financial strain. Transparency is key—avoid keeping financial secrets from your spouse or partner.

❌ Relying on Debt for Everyday Expenses
Credit cards and loans should not be a substitute for income. If you’re consistently using credit to cover regular expenses, that’s okay, as long as you pay off the statement balance each month when the payment is due! If you are carrying a balance on your credit card, then it’s time to reevaluate your budget and spending habits, SERIOUSLY!

❌ Neglecting Retirement Savings
While it’s tempting to prioritize your other needs and wants over your own future, don’t put off saving for your retirement. Remember, to PAY YOURSELF FIRST over anything else! Consider this angle, there are loans for college, but not for retirement.

❌ Overspending on Non-Essentials
It’s easy to get caught up in lifestyle inflation, especially when trying to keep up with all the fun others may be having. Stick to what makes financial sense for your own family and focus on long-term stability over short-term pleasures.

❌ Not Having a Will or Estate Plan
Estate planning isn’t just for the wealthy—it ensures your assets go to the right people and that your children are protected in case of the unexpected. Having a will, power of attorney and living will or directive to physicians are critical for a family to have. In some instances, a trust may make more sense. If you don’t have a will, then your State has one for you and you are not going to like it!! Therefore, make it a priority. Here is a great resource to get this started at FASTWILL!! Your future self will thank you!!

Best Practices for Financial Success as a Family

✔ Use Technology to Your Advantage
Budgeting apps, savings tools, and automated bill payments can make managing money easier and more efficient. Visit my store for a list of resources you can implement today!

✔ Have a Financial Safety Net
In addition to an emergency fund, consider insurance (health, life, disability) to protect your family from financial setbacks. I can help you here if needed.

✔ Celebrate Financial Wins Together
Whether it’s paying off debt, reaching a savings goal, or sticking to your budget, celebrate financial milestones as a family to reinforce positive money habits.

✔ Seek Professional Guidance When Needed
A financial pro (like myself) can help you optimize your family’s finances, plan for major life events, and navigate complex money decisions with confidence.

Taking control of your family’s finances doesn’t have to be overwhelming. By following these dos and don’ts, you can create a solid financial future for your loved ones while reducing stress and uncertainty. Remember, the best time to take action is now!

Want more guidance on managing your family’s finances? Schedule a free consultation today!

The True Cost of Raising a Child: Budgeting for Parenthood

Bringing a child into the world is a life-changing experience, and while the emotional rewards are priceless, the financial responsibility can be significant. From diapers to college tuition, raising a child requires careful planning and budgeting to ensure long-term financial stability. This week, we break down the true cost of raising a child and offer strategies to help parents prepare financially.

Understanding the Costs of Raising a Child

According to recent estimates, the cost of raising a child from birth to age 18 in the U.S. can exceed $300,000—and that doesn’t even include college expenses! Let’s look at the major categories of expenses parents should anticipate:

✅ Housing & Utilities – A growing family often means needing more space, leading to higher rent or mortgage costs, along with increased utility bills.

✅ Food & Nutrition – From baby formula to teenage appetites, food costs can add up quickly. Meal planning and budgeting can help manage these expenses effectively.

✅ Childcare & Education – Whether it’s daycare, preschool, or extracurricular activities, childcare is often one of the biggest expenses for families. Consider tax-advantaged savings accounts like a 529 Plan for future education costs.

✅ Healthcare & Insurance – Doctor visits, health insurance, and medical emergencies are ongoing costs that should be factored into your budget. Having a Health Savings Account (HSA) or Flexible Spending Account (FSA) can provide tax benefits while covering medical expenses.

✅ Clothing & Essentials – Kids grow fast, making clothing and other essentials a recurring expense. Buying secondhand or taking advantage of sales can help reduce costs.

✅ Extracurricular Activities & Entertainment – Sports, music lessons, summer camps, and family outings add to the total cost of raising a child. Setting a budget for activities helps prioritize spending.

Smart Financial Strategies for Parents

📌 Start an Emergency Fund
Having a dedicated fund for unexpected expenses can provide financial peace of mind. Aim for at least 3-6 months’ worth of living expenses.

📌 Utilize Tax Breaks & Credits
Take advantage of tax benefits like the Child Tax Credit and the Dependent Care Flexible Spending Account (FSA) to reduce financial strain.

📌 Save Early for College
A 529 College Savings Plan or a Coverdell Education Savings Account (ESA) can help you invest for future education expenses with tax advantages.

📌 Create a Family Budget
Review and adjust your budget regularly to ensure you’re covering needs while still saving for long-term goals like retirement.

📌 Get the Right Insurance Coverage
Life insurance and disability insurance are critical for protecting your family’s financial future in case of unexpected circumstances.

Planning for the Future

Raising a child is a marathon, not a sprint. By planning ahead and making smart financial decisions, you can provide a secure future for your child while maintaining your own financial well-being.

Want help creating a financial plan that works for your growing family? Schedule a free consultation today!

Final Thoughts

Parenthood is one of life’s greatest joys, but it also comes with financial responsibilities that require careful planning. By budgeting wisely, saving early, and taking advantage of available resources, you can ease the financial burden and create a stable foundation for your family. Remember, financial preparation is not just about covering costs—it’s about providing security, opportunities, and a brighter future for your child.

Want help creating a financial plan that works for your growing family? Schedule a free consultation today!

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Your Money Mentor Minute: Quick Wins

Quick Win: Contest Your Property Taxes Every Year.

• How to Do It:

  1. Review Your Property Tax Assessment:

  • Go online to see a copy of your property tax assessment from your local county tax assessor’s office.

  2. File an Appeal:

  • Gather documentation, such as comparable property data, photos, or receipts for repairs that reduce your home’s value (this is optional if using a service to auto contest for you, but it helps).

  • Submit a formal appeal to your local tax authority before the deadline, which varies by location.

  • Use an automated service like Ownwell.com or one that’s similar in your neck of the woods. Simply Google: “Property contesting company online [enter your state]”.

  Example:

  • A homeowner contests their property taxes and successfully reduces the assessed value by $25,000.

  • At a 2.5% tax rate, this saves $625 annually—money that can go toward savings or paying down debt.

  • The online services do EVERYTHING for you, including going to court so you don’t have to.

  • If they are able to reduce your property taxes, then you pay a % of the tax reduction amount as a fee. Depending on the company, I have seen fees range between 25% & 50%. Example- $500 in property taxes saved. Fee is 50%. Thus you pay $250 for their work, and you save the additional $250. A Win/Win all around!!

  • If they are unable to reduce your taxes, then you pay NOTHING. There is ZERO risk to you!!

  Solution: Contesting your property taxes may sound intimidating, but it’s worth the effort. Take an hour this week to review your assessment and explore potential savings. With consistent appeals, you can ensure you’re not overpaying year after year.

  Need help getting started or navigating the process? Reach out—I’m here to guide you!

Your Additional Resources and Tools

Enjoyed this week’s tips? Forward this newsletter to a friend and help them take control of their finances too!Follow me for daily tips on Instagram, Threads, BlueSky & Facebook!

• Visit my CLICK HERE to gain access to my other free guides, offers, tools, and resources!

• Get your Will, Power of Attorney and Living Will (Directive to Physicians) done today!

• Open your own Stan.Store today. Click Here!

• Book a FREE consultation with me TODAY! Click Here!

• To SUBSCRIBE for my FREE newsletter, Click Here!

• Mint – The Ultimate Budgeting App. Tracks your spending, categorizes expenses, and helps set budgeting goals. Free and easy to use, and offers alerts for bill payments and spending limits.

• Pair Mint with a savings app/platform like Oportun to automate unused funds into an emergency or investment account.

About the Author, Marc Marquez

I’ve spent over 24 years in the financial services industry as a fiduciary and fully licensed Financial Advisor, helping clients plan for and protect what's most important to them. With having earned my MBA, RICP® (Retirement Income Certified Professional) and CLTC® (Certified in Long-Term Care) designations, I bring a wealth of knowledge to assist people just like you in navigating the complexities of building wealth, retirement, personal financial growth and getting out of debt.

My approach with this newsletter is focused on educating others, and I’m passionate about empowering individuals to take control of their own financial futures. Whether you’re planning for retirement, learning how to invest for growth, or simply managing debt, I'll take the time necessary to break down the complex financial concepts into simple, actionable steps. My mission isn’t just to offer help; it’s to teach YOU how to manage and grow your own money independently, with the confidence to make educated and informed decisions. I would like you to no longer have a fear of getting ahead and a fear of money, and I will show you how to turn your money fears or concerns into action!

Disclaimer: This newsletter is for educational & informational purposes only and does not constitute financial advice. Please consult with your prefered financial advisor for personal advice, or contact me directly for a free initial consultation.

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