Is Family Budgeting A Financial Fantasy?

Answer the question: has your attitude to money changed since you became a family man? Certainly, you will answer -yes. Joint economy management involves changing of the financial priorities; greater responsibility for costs sometimes makes it difficult to control them, especially if one partner does not feel such a responsibility. It’s also true that, on the one hand, to keep house together easier, but, on the other is more expensive. Growing up, we two, then tree of us, with a child grow and so do our needs and the level of our claims. It is therefore important not only to distribute the money in the family right, so that it will be enough, but also to be able to meet the ever-increasing level of our claims.

How to allocate money for the family budget?
In the distribution of money for family needs, there are two basic approaches. In the first of them husband and wife add up their salary to the total family cash, and within a month they take out money for family and personal expenses. This method is perfect for a very friendly couple, who, moreover, was lucky to have the same interests.

The second approach involves the division of income of each spouse in two parts: private and public. The public part includes the amount for general family needs: utility payments, groceries, buying of the furniture and household appliances. How to spend part of personal income – each spouse should decide for himself.

Another option, when one spouse earns significantly more than the other, he will pay for all the major family expenses, though, psychologically, this method is appropriate only for women whose income is lower than the wages of her husband.
If you want to live good and financially independent, you should work on personal financial plan. You can do it together with your family. Here are the main steps:
1. Determine your financial objectives: what do you want to have? What a house, car? What kind of education you want to give your child? How do plan to keep your parents in retirement? Where do you want to go to the next holiday? Determine the time frame in which you want to achieve your goals.

2. Assess your financial capabilities and adjust goals. Can you count on the country house and a new car, if your total income does not exceed nine hundred dollars per month, and you’re not going to change anything in your life? Maybe, but only on paper. In order family budgeting will not be limited to just financial fantasy, you should work hard.

3. Start a family budget. Analysis of expenditure and income will allow you not only control the appetite, but also to plan a real budget, which will safely reduce your costs and begin to create a reserve fund. Include in the budget along with other items of expenditure under “Our goal”. This means that, after receiving income, you first put off a preset amount for this item, and only then distributes the money for all other expenditures.

World crisis has made lots of people search for various ways to save funds and saving money expert. Other guys who already made some cash and would like to make more, for sure might require mutual funds investment advice. Moreover, financial planning should be of help to young people as they need to cope with many things in their lives, and here financial advice for young people site can help them.

Fortunately we live in the world of high technologies. It wouldn’t be good not to use this really unique opportunity. Current online technologies provide us with a way to break the borders and search anything we need all over the world. Visit various social networks, check respective topics, participate in discussions in niche forums. All this will help you keep abreast of the events concerning your hobby. And, subscribe to the RSS feed on this blog to keep track of new publications on the topic.

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