11 Ways to Manage Family Money so They don't go to Waste!

ZeftheTips-Financial problems are important in home life. The reason for this is that mistakes in planning investment and investment can affect family harmony. To answer this, every couple must know how to manage family money. In this case, it is not only the wife who has the responsibility to take care of the budget so that the family's finances are stable. 

However, the husband also plays an important role in managing money. Also, if the couple is both employees. Advice on managing household finances Managing a family's finances is really hard and easy. Anyway, don't worry. Because couples can try to apply some of these tips to share their income more effectively. 

One way to support the stability of family finances is to carefully record financial and investment crimes. It is really very easy to implement, it requires to be consistent as it should always be done. A comprehensive record of any expenses and expenses has been shown to be effective in controlling emissions. Therefore, the possibility of spending more than money can be avoided. To avoid misunderstandings, you need to tell your spouse about it. 

Practice regular household budgets and other regular budgets. The monthly budget, child allowance, school fees, emergency savings and investments should be divided so that they do not mix together. This method of managing family finances can prevent crime of non-planned expenses. 

In addition, it can also be used as a benchmark to measure needs that have not yet been met. For example, a monthly budget requires around Rs. 1,500,000. However, based on the outgoing financial records, it is known that the household expenses will cost Rs. From these results, it can be concluded that financial planning does not fit the plan. 

Credit card transactions are simple and attractive. In addition, the various promotions that some customers offer. Only using credit cards more often or more can have a negative impact on the family's financial situation. Wives should therefore be wise to use credit cards. 

We recommend that you purchase items as necessary so that you do not end up with a boring life. If you are forced to use a credit card, choose a product that offers a 0% discount. 

Another way to manage your family finances is to save money by buying discounts or items. Every IRT already knows this. Nevertheless, do not forget to compare the prices of the products to be bought in other stores. Pay attention to product quality and consider the need for the product. Don't let your financial decisions cause you to stop buying things you do not want. This can affect the family budget. 

For working couples, it is important to calculate the couple’s income so that the family budget can be managed effectively. Make sure you calculate all your earnings in one month, including monthly salaries, incentives, and overtime pay. This is important so that you and your partner can share their income according to their needs, especially the basic needs. 

Every family has its priorities. Therefore, it is important for both spouses to list their financial priorities. In this way, the distribution of expenses from the family budget is well organized and nothing needs to be overlooked. 

Some examples of expenses should be included in the most important list including daily food prices, electricity bills, kitchen expenses, water bills, school fees for children when they arrive, travel expenses for work, monthly rent and car rental. 

How to manage family finances by creating a list of priorities will remind couples that there are needs that must always be given priority. Meanwhile, for the second and third needs, the remaining budget can be used. 

One of the purposes of saving household expenses is to raise money for security and to support special needs for emergencies. Because no one knows what will happen to him or his family in the future. In fact, emergency funds can always depend on different circumstances, especially those related to money. When you have an emergency fund, you don't have to worry about things that require you to spend money later. 

You know that one of the keys to maintaining family financial stability is to avoid debt. The reason for this is that debt and mortgage payments as well as interest can be a burden that hinders the financial situation of a family’s finances. 

However, if there is a lot of pressure on you and your partner in debt, try to keep the debt to a minimum of 30% of your monthly income. If the cost of living is higher than this number, it is clear that the family's financial stability will be affected. 

Frugality is important, but you have to pay attention to family health in the long run. One way to protect yourself and your loved ones is to purchase health and life insurance. In addition, there are now many life insurance policies that offer the possibility of quick benefits. In other words, the death benefit is paid even if the insured is still alive. 

You can choose the insurance according to your budget and needs. Budgeting to buy insurance really has nothing to lose. This can be an effective step to reduce unforeseen expenses against potential threats. 

Regular family finances have proven to be effective in managing unnecessary expenses. In a marriage, however, there must be an emergency that inevitably arises. Of course, this requires currency exchange. Therefore, it is important to conduct periodic financial analysis, both daily, weekly and monthly. In response to unexpected situations, you can use emergency funds or any money you have to cover your expenses without going into debt. 

Buying ready-made food is easy and convenient, but not economical. If you like to eat or snack, you can overcome this problem by planning your own food. In addition to increasing income, home-cooked meals are also healthier and can be eaten by the whole family. 

Some of the above family management methods can be used as guidelines for cutting costs, without neglecting basic needs. Moreover, success in managing a family's finances is key to making a success of life worthwhile.