4 steps to ensure an EXCELLENT family budget
Nothing can be more detrimental to your marriage than debts or financial problems. But how can we prevent these financial crises from reaching our family amid so much confusion in our country?
According to an Economics, he provided some essential tips in having a better financial behavior among the families of our society, teaches four basic rules that can save your budget and family life. Follow them:
1. Create a Worksheet, Notebook, or Notepad
The specialist teaches that we started out knowing our company, that is, our home. How are we currently in blue or red? What are we spending more? How and where can we economize? All these answers we can only get if we get our finances up to date.
Choose a way you can really do, be it a spreadsheet, a notebook, or even some mobile app, but do it. Put your expenses next to your spending, and divide them into fixed expenses (those unavoidable) and variable expenses (those not monthly). Next, add your entries, reducing your overhead. This way, you will know how much you can spend on variable expenses and also figure out where to reduce it.
2. List and apply cost reduction on a daily basis
Move your preference list or worksheet daily, but if you can not do it at least once a week, add your spending and income during that week and analyze your behavior during that time.
You need to have the financial self-control of your home and your home. This is achieved with much discipline, dedication, and importance to your data.
3. Involve the whole family in goals and rules
We do not have to be directly drastic and start cutting everything, but we know that if we do not unite the family and seek to save, at one time or another everyone will suffer from the consequences of a broken budget.
Reduce with excessive spending. To get started, phone, calls, house bills (water/electricity/internet). Include your children in the care of the budget, create direct and concrete goals that can be seen by everyone in the house.
4. Save money in cash and get it done
We all dream and wish for better things for ourselves and for the benefit of the family, a better car, a house of their own, that vacation trip, etc.
Make this possible by saving. It is not enough just to organize your spending and find out that your money is left over, you need to decide before you even see the color of the money where you want to apply it.
Keep the old but functional tradition of the piggy bank at home. And in addition, create a personal or personal savings account, or some kind of bank investment, where you can deposit your money and withdraw with more profit. Add in this weekly account some amount, even if it’s a minimum of 10 thousand Naira, make it a regular habit for you and your family. The family needs to save at least 10% of what it earns on a monthly basis.
Start today by applying these and other tips from the financial expert inside your home.
For Breaking news be the first to know
Add us: on WhatsApp +2348188889427,
BB PIN D86722A7
Follow us on Facebook – Dailyfamily.ng, Twitter – @DailyfamilyNG,
Instagram @dailyfamilyng
