Life keys: Family Finance
In most cases it is both the husband and wife's responsibility to make sure that the family has all that it needs. When a family is financially stable they can feel more security and have less worries.
Many things could cause your finances to be unstable, unemployment, sudden loss of a job, unexpected problems or challenges and not managing the finances properly.
Some ways to help better your financial stability are, avoiding debt as it is easier to borrow than to pay back, living within the income you receive. It doesn't help when your expenses are more than your income. Saving is a key fact that can help you and your family out when those unexpected expenses come.
How can we manage the families finances?
Run it as if you have a business, recording your expenditure and reviewing it each month can really help you find those things that you could maybe do without. It is a great method to use when you need to cut back on a few things.
This can also help you when creating the family budget. A budget is a plan and well I have learnt the hard way that if you don't plan, you are planning to fail.
Few things that can help you and your family avoid unnecessary debt:
-Savings, it might not be possible to have huge savings, but start somewhere even is it is only a few coins or notes a month, Rome was not build in a day and so is it the same for your savings.
-Don't spend more than what you get. Those shoes might be really nice, but so is that price and I"m sure your cupboard can't take another pair.
Teaching your family?
It doesn't help that you do all these things if you are not teaching your family about them. Teaching them to work hard and spend wisely is key to them having a successful family finance one day. Involving them in some, not all, of the financial decisions and budgeting, is a great way to teach them and give them some experience.
If we all could learn how to spend money better and involve each other (the whole family) in some of the decisions, we could make a huge difference in future generations and lives around us.
I agree 100% to involve the family. Good article @dragonslayer109 for today for all those who find it difficult to budget their spending. Every penny saved adds to be a dollar or more.
Anything we save, if we do it consistently it can become something much bigger
Great article @dragonslayer109. This will serve as guidance to lots of people including me.
Excellent insights @dragonslayer109.
We have just started teaching our 4 yo about the difference between the cash/money in our wallets and gold and silver with the object of getting him to first save his cash, and then convert it into real money - first physical silver and then when finance allows physical gold.
Unfortunately our paper currencies lose purchasing power slowly (amongst other things), which very few people notice.
Yes I have to agree with you. Converting your savings to investments is a good idea if you looking to get better interest or have your money not decrease in value.
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