Take Control of Your Household 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
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. 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. Always clean your air-conditioners.
2. When you do the laundry, do it full load.
3. Put thimbles on your taps
Allocate Book Keeping Responsibilities to Your Children
Do you have children? Think of assigning simple tasks such as data-entry to them. Through this, they will learn the basic financial rules. It will also teach them to become responsible and promote good financial practice.
Keep a File of Your Financial Statements
Take note of your finances. Compile them in a notebook or 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 cash for a spreadsheet.
The following tips will help you organize your financial statements.
1. To save time from entering data, get soft copies of bills and statements, if possible.
2. Back-up all your files, save them into CD-R or thumb drive. Then keep them in a safe place.
Financial Planning
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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