Managing household finances - When deciding to settle down, there are many things that every couple should think about. Building a household requires not only affection and love, but also responsibility and mutual trust.
In marriage, various problems often arise, one of which is financial problems. Household finances are one of the factors that must be prepared properly. Therefore, it takes some careful tips so that household finances remain frugal. Come on, see tips from the Whiz Financial App. following.
Also Read: Managing Personal Finances, Effective Ways and Tips
Tips for Managing Household Finances
Many factors affect household finances. Starting from needs that suddenly explode, to installments that cannot be paid. If this is not managed properly, it will cause problems that can disrupt household harmony.
So how do you manage your finances well? Here are tips for managing household finances that are frugal and careful.
Calculating All Income
To manage household finances, the first thing you have to do is calculate all your and your partner's income for one month. Calculate the net salary you receive, after deducting income tax and other deductions.
In addition, also calculate the incentives you get, such as when you receive overtime pay. This is important so that you can share the income you have to meet household needs.
Determining Financial Priorities
Next is to determine financial priorities. Making a priority list will make your expenses more organized and organized. To make a priority list, you can start by dividing expenses into two needs, namely primary needs and tertiary needs.
In addition to managing household finances, the priority list will be a reminder that there are things that you must prioritize.
Plan Monthly Shopping in Detail and Thoroughly
Planning monthly expenses is also important in managing household finances. After separating primary and tertiary needs, you also have to make sure again what you have to buy and how much it will cost.
It is necessary to make a detailed shopping list or expense list to reduce purchases of non-essential items.
Setting Up an Emergency Fund
In the household often unexpected things happen and require fast costs. Therefore, setting up an emergency fund is a must that cannot be missed.
An emergency fund is the most important thing you should think about when managing household finances. Similar to saving, allocating an emergency fund is done by setting aside a little money on a regular and disciplined basis.
Allocating Funds for Savings, Insurance and Investments
In addition to setting up an emergency fund, you also need to allocate funds for savings, insurance, and investment. These three things are useful for future needs.
One thing you need to remember, separate savings, insurance, and investment funds. You have to prepare savings and insurance in advance. If there is more money saved, you can use it as an investment fund.
Auditing Household Expenditures Periodically
After all the methods are applied, the last thing you have to do is carry out regular audits or evaluations. It aims to see your monthly income and expenses.
By conducting audits and evaluations, you can adjust and plan your finances for the following month.
Read Also: Tips to Prevent Impulsive Buying in 30 Days
If you have trouble recording household financial income and expenses, you can use Whiz as a financial application that offers convenience financial planning through features auto recording. This feature will automatically record all your financial activities. simple and no bother right?
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