Take Control of Your Household Finances
ByRegular 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. Utilisation of credit card should be done wisely.
Rule of Thumb
Household expenses should be lower than 33% of household income. If it is higher, think of cutting down your expenses. Here are some tips to lower your expenses.
1. Always clean your air-conditioners.
2. Wash your laundry on full load.
3. Put thimbles on your taps
Allocate Book Keeping Reponsibilities to Your Kids
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
Take note of your finances. Have a notebook or a ledger. If you have a computer, put everything into a spreadsheet. You don\’t even have to pay up 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 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.
Make It a Routine
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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