Maintaining a regular assessment of your family finances is essential to the family’s financial welfare. Here are some guidelines to control your household finances.

Credit Card Use

If you have a credit card, use it, but don’t forget to pay the entire sum, not the minimum amount, at the end of the month. Use your credit card wisely.

Rule of Thumb

If the total household expenses is higher than 33% of your household income, it’s time to cut down on expenses. Below are useful tips to cut down your household expenses.

1. Always clean your air-conditioners.

2. Wash your laundry on full load.

3. Put thimbles on your taps

Allocate Book Keeping Reponsibilities to Your Children

If you have kids, share them a simple task in book keeping, like data-entry. This will make them understand basic financial principles. Moreover, it will also give them a sense of responsibility and promotes good financial practice.

Keep a File of Your Financial Statements

List down your finances. Have a notebook or a ledger. If you have a computer, put everything into a spreadsheet. You don’t even have to pay cash for a spreadsheet.

Here are some tips in organizing your financial statements.

1. To save time from entering data, get soft copies of bills and statements, if possible.

2. Save your files and have back-up of them. You can use CD-R or thumb drive. Then keep them in a safe place.

Plan Your Finances

If you have a littlle source of income, and there is only one person working in your family, think of getting an insurance plan for the breadwinner. Financial worries are not something your family should cope with in the event the sole breadwinner is incapacitated.

Make It a Routine

The more you postpone, the more it piles up. Give at least half an hour each week to analyze your finances.

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This entry was posted on Thursday, December 31st, 2009 at 2:45 am and is filed under Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.