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The Right Way to Manage Low Income Family Finances

The Right Way to Manage Low Income Family Finances

The Right Way to Manage Low Income Family Finances

MONEY, are you currently looking for the right way to manage finances for a small income family ?,

maybe at this time you still don't have a financial plan going forward and how to properly regulate the income and expenditure cycle not to run out in the middle of the month, just because of wrong management.

Usually, the beginning of marriage for a new family can be a fun thing with sufficient financial funds for the next 1-3 months. But does that mean you can feel safe? How about for the next 1 year?

By knowing the right way to regulate how the correct financial system is, you will be better prepared for how to manage so that the current income / salary can survive or even become a source of income if managed properly.

How to? Relax, we will describe it below for you to be more ready, especially for husbands and wives who are preparing for a household.

1. Make a budget to manage finances

Creating a budget is one of the ways you can use your funds properly. Always try to set priorities. Priorities can keep you from buying things you don't need. In addition, the financial budget will give you an idea of how much you are spending each month.

2. Imagine that you are in old age

What you want in old age will determine the direction of financial management. Whether you just want to live in the countryside or spend your retirement holidays, it all requires careful financial planning. Financial planning must start with good financial management.

3. Pay off your debt

The correct and correct way to manage finances is to have no debt.

There is nothing wrong with debt, but it will hinder your growth and burden your finances. If you really need to pay off debt, you must pay attention to the amount of interest and the time to pay it off.

4. Create Daily Financial Reports

Save the grocery receipts you get every time you shop. Record all expenses per day.

Apart from this method, this method can also help you figure out the purpose of the money so far, and can also help you analyze items that you do not really need to buy next month.

5. Prepare insurance in managing finances

One way to manage finances in difficult times is to prepare a special insurance fund.

With insurance, you don't have to worry about unwanted things that happen from time to time. However, you need to choose funds that are reliable, easy to pay, and low premium based on your own abilities.

6. Secure the change

Never underestimate your changes. You can use the piggy bank to store your change. You don't have to feel the changes you've accumulated to use them for third-level requests.

7. Visit a financial consultant

As mentioned above, managing finances varies from person to person. Therefore, it is best to consult with someone who is more professional. Often, there are many causal factors that might influence how someone's finances is managed from another perspective.

A financial advisor may be the solution and provide the best advice on how to improve the correct management of your money.

8. Invest your money

In this day and age, investment is a must. You can invest in a lesser name this time. In addition, you can choose from a large selection of investment products today.

There are several types of investment, from low risk to high risk. Investments will give you returns in the future.

9. Have Two or More Bank Accounts

Create two different bank accounts to understand how to manage finances properly.

Use the account to meet daily needs, such as receiving salary, paying bills, and shopping. For other accounts, you can use it exclusively for savings.

Set a minimum amount and what percentage you should save from your monthly salary. Do it as your monthly obligation.

10. Don't forget to save

Savings are very important for good financial management. It seems that everyone already knows the importance of preservation. But what's important is that you don't save too much money in savings.

This is because your money will be consumed by inflation. When managing finances, investment must be considered.

11. Records Manage monthly finances

Monthly financial records are the next point in managing your finances. You will feel the latest when you can evaluate financial management.

You will find sectors that can still be saved and sectors that can be prioritized in managing the right finances.

12. Separate needs

Basically, you can split your demand by time (such as short term, medium term, and future).

Of course, when meeting short-term needs, you must prioritize their short-term needs, but you must also consider your own future needs.

13. Be wise to use a credit card

If you can use your credit card wisely, then a credit card can also help you manage your finances.

For example, use a promotion to buy the things you need, or you can assign it to pay all your bills. When you receive a credit card bill, don't forget to pay off the credit card bill immediately.

14. Control yourself To manage finances

Your mind and psychology in financial management is very important. Many people become extravagant when they make a lot of money. In this factor, the thinking and psychology of today's society are actually much more important for proper financial management.

You have to be able to control your desires. At the same time understanding again the needs that are the mainstay in order

15. Make a comparison

Compare costs and budgets. The last thing you have to do is determine whether your expenses are within the set budget or even exceed the set budget. If this happens, you will need to change your budget. Compare your daily expense log to find out what you spent the big bucks for.


Also Read : Best Business For Milenial


2 Ways to Manage and Manage Finances from the View of Successful People

Compare costs and budgets. The last thing you have to do is determine whether your expenses are within the set budget or even exceed the set budget. If this happens, you will need to change your budget. Compare your daily expense log to find out what you spent the big bucks for.

  • Jack Ma Founder ALIBABA

a successful entrepreneur, said if you have to plan carefully for the future. Jack Ma's success was what he had planned for a long time. Many people pay too much attention to the present and forget about the future.

  • Carlos Slim Boss of Telecomunication Business

a big businessman from South America, believes that you should try to develop or increase the capital you have. The goal of many people is to make a living off of money today.


FINAL WORD

Money is not everything in life, but with proper management, it will certainly be safer, especially for new families.

The tips and methods that have been explained in managing finances for the family so that you as a husband and wife who have just built a household are better prepared in the future.

But keep in mind, always take enough time and funds to have fun or have a vacation with your loved ones, don't always get stressed and end up getting bored with household routines.

Hopefully the above article can be useful so that you can find out and prepare the right way to manage finances for a small income family. thank you


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