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.
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. 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. Below are useful tips to cut down your household expenses.
1. Always clean your air-conditioners.
2. Wash your laundry on full load.
3. Place thimbles on your taps
Assign Book Keeping Duties to Your Kids
Do you have children? Think of assigning simple tasks such as data-entry to them. Through this, they will learn the basic financial rules. 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 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.
Here are some tips in organizing 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 there is only one in the household is working, and there is not much sources of income, consider an insurance plan for the breadwinner. This will help you from financial problems when the breadwinner become disabled
Do It Regularly
The more you postpone, the more it piles up. Give at least half an hour each week to analyze your finances.
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