If your family is like most, every paycheck counts. The amount of money you earn certainly matters, but how you spend it is also important.
As of the second quarter of 2025, U.S. workers earned an average of $1,196 per week, according to the Bureau of Labor Statistics. This works out to a median annual salary of $62,192 — or $124,384 if your family has two working adults.
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This might sound like a lot, but the cost of living isn’t cheap. In 2024, the median cost of ownership for homeowners with a mortgage was $2,035 and median rent was $1,487 per month, account to the U.S. Census Bureau — and that’s just one expense.
As a husband and father of two, Kevin C. Feig, certified financial planner (CFP), certified public accountant (CPA), personal finance specialist (PFS), and founder of Walk You To Wealth, has a deep understanding of family life and the expenses that come with it. He recommended making the following three moves to get the most from your family’s paychecks.
Evaluate Spending
Monitoring your spending can be a challenge, so Feig advised starting with a budgeting system, application or AI. Personally, he gives his clients access to budgeting software as part of their package.
Until they’re connected to the software, his clients often believe they’re spending two or three times less than the numbers reveal.
“Once the actual spending scale is known, evaluating intentional versus unintentional spending can begin,” he said. “Unintentional spending refers to expenses that don’t provide sufficient benefit or align with your goals and values.”
Periodically reviewing your expenditures can allow you eliminate spending that doesn’t align with your priorities — i.e., paying for streaming services you don’t use — he said.
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Skip the Traditional Budget
After assessing your intentional and unintentional spending, he said moving away from traditional budgeting is the key to sustained financial progress.
“It’s similar to starting a diet, only to find yourself indulging in a pint of ice cream a week later,” Feig said. “Instead, establish a financial investment plan or a reverse budget.”
Following an investment plan that aligns with your family’s financial goals and risk tolerance allows you save first, then spend the remaining funds without meticulously tracking expenses, he said.
“For example, if you need to invest 20% of your income to reach your family’s financial goals – retirement, college, etc. – then start with the 20% investment and spend the rest intentionally,” according to Feig.
Re-Evaluate Spending
Keep your finances on track by reviewing your expenses for intentional spending on a semi-annual basis, he said. This can be particularly important for families who tend to resubscribe to previous services or pick up new unintentional expenses on a regular basis.
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This article originally appeared on GOBankingRates.com: The Family Paycheck Plan: Smart Moves To Make With Your Family’s Paychecks This Month
