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.
Use of Credit Cards
If you have a credit card, use it, but don\’t forget to pay the entire sum, not the minimum amount, at the end of the month. Utilisation of credit card should be done wisely.
Rule of Thumb
Household expenses should be lower than 33% of household income. If it is higher, think of cutting down your expenses. Here are some tips to lower your expenses.
1. Cleaning of air-conditioners should be done regularly.
2. Wash your laundry on full load.
3. Put thimbles on your taps
Assign Book Keeping Duties to Your Kids
If you have kids, share them a simple task in book keeping, like data-entry. Through this, they will learn the basic financial principles. Moreover, it will also give them a sense of responsibility and promotes good financial practice.
Keep a File of Your Financial Statements
Take note of your finances. Have a notebook or a ledger. If you have a computer, put everything into a spreadsheet. You don\’t even have to pay up cash for a spreadsheet.
Here are some tips in organizing 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.
Plan Your Finances
If you have a little source of income, and there is only one person working in your family, think of getting an insurance plan for the breadwinner. Financial worries are not something your family should cope with in the event the sole breadwinner is incapacitated.
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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