Financial Management Tips For Your Family

financial management

Here are simple tips on managing the family finances are often given by the family's financial planner.

1. First of all invite other family members to work together to create a list of needs for a month.
2. Conduct a thorough analysis and then do the separation which is nice to have and which ones are the needs (needs that can not be avoided).
3. If you already owe a mortgage that exceeds 20 percent of total income (income) families. So should you need to talk with creditors to reschedule debt. If not possible, then seek a loan with a lower interest rate to pay off high-interest debt. Remember, as long as your payments are equal to or greater than 20 percent, you should not make a purchase loan or debt again.
4. Separate 40 percent for daily necessities. If 40 percent of income is not enough, think creatively what else can be saved; for example saving electricity usage, changing the combination of the daily diet.

5. Separate 20 percent for personal needs.

6. The discipline to save 20 percent. To be deposited into a savings account at the beginning of the month, not later than 1 x 24 hours after the income is received. If you do not have to repay the debt, it can be saved and can be used when it has enough to buy something that includes nice to have.

7. Should have to uphold the commitment and attitude consistency.