Part of the real work of marriage involves making and managing money. Couples who work together as a team and reach agreement about financial matters are happier than couples who perpetually disagree about finances. It is necessary to mention that money means different things to different people. Some people are ‘savers’ others are ‘spenders’ which ever applicable to you, it is imperative to run the finance of your family with adequate plan in place.
I will like to describe a financially balanced home as the family where their needs are always met, engage in reasonable investment and with consistent saving habit for the raining days. Thus it important for families to develop family budget to run the finance affairs debt free and also be socially responsible.
There is need to remind our self that a good financial plan is a road map that shows you exactly how the choice we make today will affect our future.
Acquiring the following skills would help you develop financially balanced attitude:
- Develop a budget: list out all your known expenses, don’t forget to include every member of your family. Focus on your family needs (not wants) in the list, the expenses can be weekly, monthly or annually and prepare to review it when necessary.
- Discipline: Williams feather says ‘a budget tells us what we can’t afford but it does not keep us from buying it’. Make up your mind to ‘say no’ to the deadly traps of ‘SALES’ or price slashes unless the items fall within your budget for that particular season.
- Deal with waste: you will need to identify hidden waste and deal with it. You could consider buying items in bulk if it will reduce waste in any way.
- Be an excellent planner: Ensure your family vacation fit into your budget if you can only have low-cost family vacation for now, enjoy it! When there is need for the family to eat out, let the expense be within your budget.
- Create family Investment: develop habit of consistent investment in the future of the family both in tangible and intangible assets. Create an escrow account that is strictly for investment in passive income earning asset like real estate, automated business where you earn director’s bonus; intellectual property where you earn royalty, paper investment where you earn dividends or a reputable network marketing where you earn bonuses (ensure it is well researched before you invest your money and avoid any that hasn’t got any product offering). Also while investing considers both short and long-term investment.
- Absolute dependence on God: Trust God to help you in your planning and achieving your desire financial status for your family.
- Seek knowledge: Equip yourself with the relevant knowledge that will help in mastering the finance of your family and be at the top of the game. You may need to read books or attend seminars on financial intelligence to increase your knowledge in this aspect. Women also need to note that financial intelligence skill is beyond kitchen economic skill.
Any other finance issues you want us to share? I will love to hear from you