As a family, look at the big picture and determine how much money you can afford to spend on various expenses. The real challenge is to live within your means and to teach your children to live within their means when they become independent.
With a total amount in mind, decide what is most important to you and your family. For some families, it is education. For others, it may be holidays or family vacations. Your values should drive your spending priorities.
Reaching family goals while living within your means can be much more attainable when children are involved in setting family financial goals and given the opportunity to understand family expenses as well as family income.
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