Financial problems are common in young families, especially in the first years of life housekeeping. Not to mention the little soon present among you and your partner. Really the problem is of a large-size family income?
Often the problem is not a lack of income, but a wrong habit of managing money,
Some of the keys to managing finances is simple:
1. Understand your family’s financial portfolio. Lest you do not know the contents of the savings, the amount of electricity bills, telephone, car service, shopping, doctor’s office and other costs. You should know how much credit card debt, bank loan or mortgage and car.
2. Arrange financial plan or budget. Realistic financial plan to help you be objective about excessive spending. No need is too ideal, so forget your own needs. No harm include the need to go to a salon, spa or clubbing. Importantly, a realistic budget amount and you must comply with the budget.
3. Think more carefully understanding between “need” and “want”. Quite often we spend money on things that do not matter or just driven desire, not a need. Make a list in the form of a table that consists of columns for the items, needs and desires. After filling the column items, and fill the “needs” and “wants” with a check mark (V). From here consider a more mature, objects or things you need to buy / fill or not.
4. Avoid debt. The temptation to live in the greater consumption. But that does not mean you easily purchase various items on credit. Grow a healthy financial habits start from the simple, such as having no consumer debt.
5. Minimizing consumptive spending. Meet old friends to exchange ideas in the cafe sometimes necessary, but it does not mean you have to do it on every Friday afternoon. You can use these expenses to save money or to meet other needs.
6. Set goals or financial goals. Arrange financial goals you want to achieve on a regular basis, as a couple. Set specific, realistic, measurable and within a certain time. The purpose is to help you better focus financial design. For example, aspire to have international standard of preschool education funds, and so on.
7. Saving, saving, saving. Change the habits and mindset. Immediately after receiving salary, set aside for savings in the amount you want to have the purpose or goal of your family financially. Instead, you have a separate account for savings and daily needs.
8. Invest! Of course you will not be satisfied with just waiting savings soar. And your goals for the family “exorbitant”. This is the time to also think about investing. Now form all kinds. The fear of the investment risk?! No need to worry, you just need to learn to master. Consult your finances with a reliable financial expert!