”An Easy Guide To Getting Your Family Finances On Track” is a collaborative post and includes affiliate links. Please see the disclosure page for more information. Disclaimer – always verify medical information with your doctor or a professional and follow all laws for your location.
Actively managing your money and budgeting for your family can enable you to plan and save for the future. It can give you peace of mind and help you to avoid debt. Check out this easy guide to getting your family finances on track:
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Do A Financial Checklist
A financial health check is able to give you a clearer picture of where your families finances are. It will also help you to identify where there may be a need for change. Try to do a health check once a year, especially if something changes like a new addition, you move, start a new job, or your income changes.
Work Out All Your Income
To better understand your finances, you to be aware of every income that is coming into your household.
- Your Payslips
- Any benefit statements
- Children’s allowance or benefit
- Extra income from self-employment or properties
Then Calculate Your Outgoings
You need to track your outgoings, do them as follows:
- Everyday expenses – coffees, lunches, cinema, pubs, taxis, bus, odeon credit etc. Keep the receipts for them all and enter the cost into a diary, a spreadsheet, or use a program like QuickBooks. If you monitor these over a week or a month you will be surprised how much you actually spend in these categories.
- Ongoing Monthly Ongoing Expenses- Your rent or mortgage, utilities(electricity, gas, phone/broadband, water, etc.) Your bank statement should be able to give you a good idea about these.
- Loans/Debts – List all your weekly and monthly repayments for these. Have a look at this Debt to Success System – DTSS.us It should be able to help.
- Savings- You may or may not have regular savings, however, any savings you do make (no matter how small) need to be on your list of expenses.
- Miscellaneous Expenses – Birthday presents, movies/concerts, medical costs, etc.
Identify A Goal
Whether it’s opening a saving account for your children’s future, paying off your credit card, or having a ‘just in case fund’ It’s good to have a goal, as it makes it much easier to stick to. List your goals as things like:
- Short Term- save for a holiday or car
- Medium Term – Home renovation, or school education
- Long-Term- Paying your mortgage off early, or retiring early.
Have A Budget And Stick To It
Think about all the household income, spending and any other commitments financially. Be absolutely honest with yourself about the figures. Try not to over or underestimate your income or spending habits. Never include your savings as income, make sure you are only using regular income. If you don’t stick to your budget, don’t put to much pressure on yourself, just start again. One way to can keep from doing this is to assign your income to pay each specific items on your outgoing list first and the see what is left over for the items that are splurges like eating out, etc.
Switch, Save, And Shop Around
Shopping around for financial products, savings accounts, current accounts, loans interest rate drops, home and life insurance, and credit cards can help you to save money in the long-run. Look at how you manage your bills and identify any that could possibly be changed. Sometimes the smallest of changes amount to the biggest savings.
This short guide should help you to create a financial plan for you and your family, is there anything that you so that could be added?
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