Financial independence and literacy is such a key factor is most households. But it’s almost always a struggle to budget correctly, save money for a rainy day, and pay off debt. We asked our community of parents for their very best financial advice and are sharing it here because really, we need all the help we can get!

Best financial tips for families from families

Paycheck: pay all your bills and get your household necessities including food. Whatever is left split in half one half goes into a savings. Split in half again one half goes to one spouse and one half goes to the other spouse. Now that we have kids we split what’s left in thirds and one third is given to me, one third is given to him, and the other one third is split between the kids. ~ Heather

If you don’t have the money, don’t buy it. We are debt free because we don’t buy anything we don’t need or anything we can’t afford. ~Tami

Cook, plan a menu and grocery shop once a week. Stick to your list! ~Deborah

I learned having cash is so important. But in this economy, we wouldn’t have been able to get a home without credit cards. The important thing to remember is people (banks, etc) don’t care about you, they care about your credit score. Get two or three credit cards, use them and pay the bills on time or early, and don’t go crazy on them. ~Allyson

Always keep good credit! Even if you pay the minimum, have good credit. Also, learn to live off one income. ~Caroline

Write a budget out every month and stick to it. Zero Based budget. Use envelopes with cash for things. ~Bobbie

Utilize your job’s 401k plan. Only have 1 credit card. ~Cheryl

Live beneath your means. You may have money but you need to use it wisely. ~Tammara

When buying groceries always buy the big packs of meat first, separate for meals and freeze. Always cheaper. Stock up on canned goods and sauces, produce and veg along the way since you need fresh. ~Nicole

Instead of impulse buying, transfer that balance into your savings. Calculate all yearly expenses, divide by 12 and save that amount each month. Save your entire tax return every year. Meticulously track all of your expenses every month. Excel is everything. Savings and investments are an expense. ~Kiera

If you see a product which you always use on promotion, get as many as possible and store. ~Katya

Dave Ramsey

Financial guru Dave Ramsey was mentioned many times by readers. You can learn more about proven methods he has used to help families become debt free at his website here.