Take Control of Your Household Finances
Regular assessment of your household finances is important to the family’s financial well-being. Here are some guidelines to control your household finances.
Credit Card Use
Use your credit if you have one. However, remember to pay your outstanding balance, not the minimum amount, before its due. Use your credit card wisely.
Rule of Thumb
Household expenses should be lower than 33% of household income. If it is higher, think of cutting down your expenses. Below are useful tips to cut down your household expenses.
1. Cleaning of air-conditioners should be done regularly.
2. When you do the laundry, do it full load.
3. Put thimbles on your taps
Assign Book Keeping Duties to Your Children
If you have kids, share them a simple task in book keeping, like data-entry. This will make them understand basic financial principles. Moreover, it will also give them a sense of responsibility and promotes good financial practice.
Keep a File of Your Financial Statements
List down your finances. Compile them in a notebook or ledger. If you have a computer, put everything into a spreadsheet. You don’t even have to pay up cash for a spreadsheet.
The following tips will help you organize your financial statements.
1. Keep soft copies of bills and statements, if available. This will save time from entering data.
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.
Financial Planning
If you have a little source of income, and there is only one person working in your family, think of getting an insurance plan for the breadwinner. Financial worries are not something your family should cope with in the event the sole breadwinner is incapacitated.
Do It Regularly
When you are not doing your task, it piles up. Set aside 30-60 minutes each week to maintain your finances.
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