It is no longer secret as a housewife, you are responsible for various roles including financial planner. Finance considered as a life of your family. That is why making a budget is not as easy as people think. It surely requires carefulness to reduce risks or problems afterwards. Here are basic and simple money saving tips you can try for managing your family financial planning.
1. Set Priority Scale
Set your priority scale and make a decision, what kind of urgent need to be paid first. For example, home instalment, electricity must be paid immediately right after you have money (salary). It aims to avoid being late paid which can make you difficult afterwards. Set aside 30% of your salary to pay priority instalments like home, electricity or vehicle.
Along with instalments, you also need to set aside 50% for living cost. To make you easy, you need to write monthly budget, divide list into two different sections, secondary and tertiary needs. 50% of your salary can be used for secondary needs including meals, electricity, telephone or phone credit and transportation. While tertiary including hangout, wedding gift for your friends or shopping.
2. Economical
It is not wrong to enjoy your hard work for month (salary), but try to not spend a lot of money on things you actually do not need or unimportant ones. If you already know which important and unimportant ones, you can cut important ones and save the money as additional funds you can use any time later for useful things.
3. Saving Money
Accuracy is needed in managing family finances including process of saving distributions. You can divide saving money into several forms including children education, emergency funds you can use in crisis times and other. Set aside 20% of your salary as saving funds (investments) you can use in near future only for urgent needs.