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6 Tips for Managing Family Finances

6 Tips for Managing Family Finances

You have just committed to one of the biggest step in your life—marriage, and now you have more responsibility to take and more decisions to make. One of the most important aspect of marriage is to manage the family finance. You should know that money can become a big dispute in your marriage if you can’t manage it properly. You should talk with your spouse and decide how to manage your family finances and make sure that both of you are in the same pace. Please read ahead to see our tips for manage family finances.

1. Open a checking and saving account in a wise way.

Most couples choose to open a saving and checking account with both of the couples’ names, however this may lead to a regret later. For example, if you are the breadwinner in your family who manages the finances, and your spouse finds he needs more funds than thought, you might end up getting overdrawn, since you are using the same money. Instead, assign one of you to manage the finance and you can discuss about the management frequently to determine how to distribute the money.

2. Create a budget.

Figure out how much money both of you have coming monthly and where the money goes exactly. List all sources of incomes and money you spend under different categories of expenses. You will know how much money you have to play with every month.

3. Have money ready for immediate needs.

You should allow some money for immediate needs and usages. Please make sure both your spouse and you have enough spending money, such as lunch money, transportation money and other miscellaneous daily expenses.

4. Save money for the future.

If you are planning to have a baby or purchasing a bigger house, you will have to save money for those things. The best way to save is to set aside certain amount into your monthly budget and stick to the budget plan for what you want.

5. Figure out the leftover money.

After you decide the income and necessary expenses, as well as the saving money, you will know how much money is left for other purposes. You will need to decide what are your priorities, but don’t forget to get your spouse involved—or he may feel bad because he considers himself losing all control of your family finances, which may result in fights later.

6. Keep in same paces.

You should make sure both of you are on the same page, which is the only way you can have better management of your family finances.

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