Probably, sooner or later everyone thinks about how to manage a family budget. There are many ways that will help not only distribute expenses, but also teach you how to save or invest money. Each of them is good, the main thing — Choose the one that is comfortable and acceptable for your family. Everyone's financial situation is different, but any of the options can be adapted to your family's financial model. The editors of estet-portal.com have collected tips for you on effective management of the family budget.
- Set your family's financial goal
- How to keep a family budget: 3 ways
- How to save up for a set financial goal
- 3 things that will help you manage your family budget more successfully
Set your family's financial goal
In order to correctly distribute your finances, you need to understand why you do it. Without a clear goal, you will neglect the established distribution rules. As a result, planning will be ineffective and ineffective.
Motivation for each family will be individual: someone wants to quickly pay off a loan for a house or a car, someone needs money for a cool vacation abroad or repairs, other families collect money to pay for a child's education. The main thing at the moment is planning — consent of both parties. Talk to family about your main goal — it must be general, otherwise, someone will not have enough desire to fulfill it.
Without mutual consent, there is a risk of feeling mistrust towards the partner. You will think that he doesn follow accepted financial rules while you go out of your way to make it work.
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How to keep a family budget: 3 ways
There are three options to help you choose what's best and easy for your family. You can change your management principles if you don't like the way you control income and expenses. It is important to understand that if you have never purposefully kept a family budget, then it may not work out the first time. This is not a reason to abandon the idea and let it take its course. You just need to find the most convenient and simple option for you:
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Total budget. You add all the money in common pot" and from there you pay for utility bills, groceries, transport, take money for treatment and personal expenses. The minus of the method is that it will not be possible to surprise — your partner will know when and how much you spent on the gift. In addition, there may be dissatisfaction in the family due to spending money on impulse purchases or things that can be done without.
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Joint budget. You deduct a certain percentage of your income to the general account, and dispose of the rest of the money as you like.
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Separate budget. Everyone pays certain items of expenditure. For example, you pay the rent for an apartment, and the partner provides a month's supply of basic groceries.
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How to save up for set financial goal
All books on financial planning teach that income should be distributed in percentage terms and be sure to set aside a portion. The ideal situation is when you put 20% into savings. But with unaccustomed it can be difficult to part with a significant amount. You can start with 5% and gradually increase the amount.
Financial advisors recommend that the money be distributed as follows:
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50% for necessary expenses: housing, car, insurance, necessary clothing, food.
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30% off Wishlist for going to cinemas, restaurants, buying accessories or books.
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20% defer.
You you can split these percentages so that it is convenient for you. For example, you don't buy clothes every month or in winter you don like going out to cafes and movies. Then vary the amount of interest on necessary needs.
3 things that will help you manage your family budget more successfully
Before you move into a rigid planning system, you should do the following:
1. Try to pay off all debts.
2. Maintain monthly expense records. This way you understand where you can save in favor of savings or necessary expenses.
3. Set aside money for personal expenses. It may be a small part, but you will be able to allow an impulsive purchase. This helps those who have just started keeping a family budget to survive the strict limits of income distribution.
As you can see, maintaining a family budget — extensive topic. You choose how to record income and take into account expenses. It is important that this enters your life on a regular basis. Only in this way will you be able to feel the benefits of clear planning and realize the intended goal — be it vacation, repair or car.
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