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Money is such a sensitive issue that people often avoid talking about it. In fact, for those of you who already have a spouse and are already home, financial problems should be discussed openly because it concerns the future of spouses and children. Try talking about and manage financial issues more carefully and openly.
Here are some steps to guide.
Step 1 : Talk & Set Target
It’s the hard part, but ultimately it will feel the benefit. You and your partner sit together and discuss the issue. Make sure you’re both calm. openly talk about your desires, needs, needs and targets. Remember, you’re both one team that needs to agree on a plan. Be serious and don’t expect your partner to read your mind.
Step 2 : Understand The Family Budget
You both need to agree, what are the primary and secondary needs. Divide the family budget into two categories, namely variable spending and definite expenditure. Check the previous months’ expenses to see how much spending is large and excluding primary needs. Don’t forget to include small expenses such as buying light confectionery, DVDs, or watching a movie.
Step 3 : Use the Money Tracking Tool
To keep money tracked, use financial software. It’s an alarm to see how much money has been spent. Try using as little cash as possible to make it easy to search. Record the slightest expense you do. If you diligently categorize each expense up to details, you’ll see clearly how the money has been spent.
Langkaah 4 : Organized & Automated
Do you travel a lot and find it hard to keep a grocery bon-bon? Is it difficult to sit down and record every expense made? In this modern age you don’t have to do it anymore. You can use online bank services or special financial management software. In addition to reducing the bon stack, your notes are neatly stored on your computer and can be used at any time, either to enter data or to be review materials.
Step 5 : Creating the Financial System
When sitting down with a partner and talking about managing family finances, agree on the rules: how and when money is spent, and what is considered a small expenditure. Consider having multiple bank accounts to stay focused on spending. One account for fixed expenses and another for unsansed expenses or small amounts. And consistent on the agreed budget!
Step 6 : Manage Credit Cards
Pay the credit card on the bill, or at least greater than the minimum payment and before maturity to avoid large interest. Basically you only need 1-2 credit cards, and use them for emergencies.
Langkaah 7 : Fasten The Belt
Do you benefit from paying for car insurance, child education, or life? Do you taste teve, while hardly anyone watches it? How much do you pay for a magazine bill that’s almost unreadable?
Are there any business expenses that use personal money and have not been claimed for forgetting to take care of? In essence, before the financial situation gets worse, it’s never too late to rearrange it. Make primary expenses and consider cooking before making secondary expenses.
Step 8 : Start Saving!
It’s okay to save little by little every month. Your target should be equivalent to six months of salary and for emergency expenses. Consider keeping money in a different bank so you can save money separately for emergencies. holidays, and for new family members.
Step 9 :Insurance
Buy insurance to protect those who depend on you. If you have children, you need to instil them. If you’re a housewife and something happens to you, there will be a cost to replacing it.
Step 10 : Take Notes
It is wise to always record all wishes. You need to make sure the answer is, “Who will take care of my child and ownership after I die?” Consider and determine who will take care of the needs of the children, and who oversees the funds and budget.
Step 11 : Prepare for the Future
Talk to a financial planner about an investment plan. There are financial planners who calculate the cost of flats, some are free so you want to invest in the products and they get commissions. Make sure you get a decent financial planner and have advice that suits your interests, and not give him a good commission. Don’t be afraid to ask things you deserve to know publicly.
Step 12 : Saving For Kids
Like an emergency on a plane, where you have to first put oxygen on yourself, only then on the child. The same is the case with saving money. Set aside money for you first, then for the kids.