Take Charge of Your Family Finances
Regular assessment of your household finances is important to the family’s financial well-being. The following tips will help you take charge of your household finances.
Credit Card Use
Use your credit if you have one. However, remember to pay your outstanding balance, not the minimum amount, before its due. Use your credit card wisely.
Rule of Thumb
If the total household expenses is higher than 33% of your household income, it’s time to cut down on expenses. Here are some tips to lower your expenses.
1. Cleaning of air-conditioners should be done regularly.
2. When you do the laundry, do it full load.
3. Put thimbles on your taps
Allocate Book Keeping Reponsibilities to Your Kids
If you have kids, share them a simple task in book keeping, like data-entry. This will make them understand basic financial principles. Moreover, it will also give them a sense of responsibility and promotes good financial practice.
Organize Your Financial Statements
Take note of your finances. Have a notebook or a ledger. If you have an access to a computer, organize the physical bills and statements by putting everything into a spreadsheet. You don’t even have to pay up cash for a spreadsheet.
The following tips will help you organize your financial statements.
1. Keep soft copies of bills and statements, if available. This will save time from entering data.
2. Save your files and have back-up of them. You can use CD-R or thumb drive. Then keep them in a secure place.
Financial Planning
If there is only one in the household is working, and there is not much sources of income, consider an insurance plan for the breadwinner. This will help you from financial problems when the breadwinner become disabled
Make It a Routine
When you are not doing your task, it piles up. Set aside 30-60 minutes each week to maintain your finances.
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Filed under Finance by Fatima Beckham
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