Money Talks with Kevin Payne: Budgeting for a Family of Six

Money Talks with Kevin Payne

Next up in our Money Talks series is Kevin Payne, a personal finance and travel writer behind Family Money Adventure and Hey Kevin Payne. Here's our conversation with him.

Tell us a little about yourself and your story. How did you get into the personal finance space?

About 16 years ago, my wife and I went from two kids to four after adopting our daughters. Our finances changed quickly, and I started paying much closer attention to our spending, budgeting, debt, saving, and investing. I spent a lot of time learning about personal finance and eventually started Family Money Adventure to share what I was learning. That led to freelance writing, which eventually became my full-time career.

What does your own budgeting system look like day-to-day? Do you use any tools, spreadsheets, apps?

Our budgeting system used to be more complex. I've budgeted long enough and have a good handle on our spending habits, so I don't need to be as rigid as I once was. Increasing my writing income has given us a little more flexibility, too. Now, I use a simple spreadsheet and a couple of budgeting apps. We use FreeBudget to track our spending and get budgeting insights throughout the month.

There's a lot of conflicting personal finance advice online. What's one piece of conventional wisdom you've pushed back on or changed your mind about?

You can't budget your way to every financial goal. Budgeting is important, but there's only so much you can trim from your budget. At some point, increasing your income can have a much bigger impact. Don't get so caught up trying to save a few dollars that you overlook the value of putting that same time and energy into finding ways to increase your income.

If someone comes to you completely overwhelmed, debt, no savings, not sure where to start, what's the first thing you tell them to do?

Take inventory of your financial situation before you make any decisions about money. You need a full picture, even if it seems bleak, so you can set and prioritize financial goals. Then, start tracking your spending habits. Budgeting apps are great for this. Knowing where your money is going each week or month can help you identify trouble areas.

What's next for you, in your business, your finances, or both?

I'm still writing and creating personal finance and travel content. Also, I'm currently building out a budget coaching side business and a creator community. Our youngest son just graduated from high school, so now we have four college-age kids. Financially, our goals right now are to continue saving and investing for the future as much as we can, but we're also helping some of our kids cover educational costs and other expenses since three of them still live at home.

Where can people follow you, find your content, or work with you?

You can find me at Family Money Adventure for financial advice and Hey Kevin Payne for travel content. Look for @heykevinpayne on all social channels to follow all of my adventures.

Instagram - https://www.instagram.com/heykevinpayne

TikTok - https://www.tiktok.com/@heykevinpayne

Bonus: something that would surprise your followers

I regularly spend time in our driveway shooting hoops. No kids, just me, at 50 years old, for the entire neighborhood to see. It's something I've done since my middle school days in Indiana, and it's the best stress reliever I've found. It's where I do some of my best thinking, too.