Maintaining a regular assessment of your family finances is essential to the family's financial welfare. 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. Always clean your air-conditioners.
2. Wash your laundry on full load.
3. Place 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. Thorugh this, they will learn the basic financial rules. 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 a computer, put 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. Save your files and have back-up of them. You can use CD-R or thumb drive. Then keep them in a safe place.
Plan Your Finances
If you have a littlle source of income, and there is only one person working in your family, think of getting an insurance plan for the breadwinner. This will help you from financial problems when the breadwinner become disabled
Make It a Routine
The more you postpone, the more it piles up. Set aside 30-60 minutes each week to maintain your finances.
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