7 Easy Ways to Manage Family Finances

 

 Entering the world of marriage is a very happy time. You begin to live your life together as a married couple in the face of whatever happens in life. 

When you start your small family, it turns out that not everything is as easy as you imagined, many things that turned out to be more mature thought out, especially about the problem of managing family finances. A change in mindset needs to start. Right now, your money is money together, so it can't be used like when you were single.

No matter how much you earn, it turns out there are still people who lack money at the end of the month. So, the main problem lies not in how much income, but how good you manage it. Managing finances looks very difficult to do, especially when you have a family. But it's not as hard as you might think. Here we give you some easy ways to manage family finances.

7 Easy Ways to Manage Family Finances

1. Understand All Aspects of Your Family's Finances

The first step you have to do in order to better manage family finances is to know how much money you have, your income, and also know all the bills to be paid, such as electricity bills, telephone, monthly shopping, health costs, even up to vehicle servicing costs. Then you should also always know the amount of credit card debt, home installments, or installments of your vehicle. By knowing all this, you can take into account the range of expenses that must be spent.

2. Make Financial Planning

Once you know all the sources of your expenses, it's time for you to make a plan in managing your finances. Organize all the money you have, where it will be used or how much will be saved. Make a realistic financial plan, not so ideal that you forget about your own needs. Put in funds for fun as part of your financial plan. After you work hard, don't you want to enjoy it a little?

3. Start Saving Together

Similar to managing personal finances, saving is absolute for you to do in managing finances. By having savings, you can feel more secure and financially more stable. Set aside some money when you just receive a salary to save, so the money you save will always be there. Try not to use savings before it is needed. Because if it is still used, not saving dong his name.  
      

4. Differentiate Wants and Needs

These two things look very similar, sometimes what we want us to make into our needs. Therefore, you must really be able to distinguish what you really need and what you want. An easy way that you can probably use to distinguish it is to make a list between your needs and wants. Every time you fulfill one of them, give a sign that your needs or desires have been achieved. Try to always meet your needs first, only then fulfill your wishes.  But remember, don't overdo it.

5. Avoid Debt

As much as possible, avoid yourself from the name of debt. Often we become accustomed to debt due to using credit cards. The ease of payment process provided by credit cards often makes people forget themselves and become very consumptive. This is very bad in your financial arrangements. However, credit cards are also needed. Again, the problem lies in how you manage your finances.

6. Set Long-Term Financial Targets

You do this so that you have goals that you must achieve in the future. Suppose you set that in the next 10 years, you should already have money in savings of Rp100 million, by having a target, you can focus more on managing finances and minimizing waste.

7. Start Investing

As a family, you have to start thinking about how your life will be in the future. Start thinking about your financial plan in the long run. Starting to invest is the answer. There are many ways to invest, namely in playing stocks, buying gold, and buying property. Look for investment products that suit the condition of your pockets, but also make sure your investment is profitable.

Let's Start Managing Family Finances!

Although managing family finances will definitely be more difficult than managing personal finances, but rest assured you certainly can if you want to try. By following the easy ways above, we are sure you will become a person who is good at managing family finances. Make sure your family is always awake and prosperous by managing good finances. Good luck!