How to Become Smart Wife in Finance?
July 24, 2009
Frequently we hear of a husband to give reasons, “I get ‘the house’ before.” And we understand that is is his wife. It is the tradition of our society, the wife is the manager of households, especially in terms of financial management. In fact, the financial situation in the less profitable, the wife threatened to ‘forced’ to participate in work to meet family needs.
Some tips below will help many of the wives to be more intelligent and skilled in managing the household finances.
1. Building financial trust with partner (husband)
Plan your household finances together with the pair. Create communication honest and open. This will change the attitude of blame to one another (Note: This is one of the main rift household) to remind each other what happens when excessive expenditure.
2. Expenditure, debt / obligations, and savings Household Budget.
What first appears in the mind at the time you receive income every month? Shopping? Pay off debt / obligations? Or save money?
If spending the first show, almost certainly your household budget will suffer a deficit. You need to change that habit. Use to cut income to save it. This is to ensure net cash flow (net cashflow) your household budget will surplus / positive. After that, the first pay the debt / obligations. Ensure that debt / liabilities decreased continuously as scheduled already planned. Beware interest charges. Just then from the rest of the budget available was used for household shopping needs. Do with the habit as above, you will more easily reach the financial goals you want. Many of the housewives who are used to make a budget.
Budget household actually very simple, that is writing the plan routine monthly expenses (not to help out from the rail) and save for the future you want, such as cars, houses, old age funds and others. Do not forget to enter a debt reduction plan and schedule of payment obligations or in your budget.
3. Spending limit agreement.
Make an agreement with your purchase of a ceiling, for example, $1 thousand. If there is a purchase over the ceiling, you both agree to explanation first (does not apply to the purchase of routine expenditures such as monthly electricity payment and others). Beginning, this rule is too restrictive feel, but we have proved that this large an impact on budget savings.
4. Managing your financial documents
Provide a special place to keep financial documents and important documents with you and make good, so you will be easy to get if needed. This will encourage you to do a review of the budget that you have created.
5. Understanding the needs of life insurance and health
Insurance policy purchased to protect you. The extent to which insurance policy you have to protect you. Insurance policies for life, working as a substitute for earnings when the provider is unable to perform its duties (due to death or disability). Understand how much value the protection (insurance money) you need. The increasing cost of treatment that reached 3-5 times the inflation is a strong reason for us to have health insurance. Most of the readers already have the protection of health is, whether provided by the company, and buy your own. Understand facilities guarantee (coverage) your health insurance, according to your need. Make discussion money insurance life insurance and health insurance coverage with a financial planner or your insurance agent.
6. Funds to meet the needs of old age
When should we start to plan and carry out pension funds? Start early. The quick start set aside funds, will be the better and more affordable for the funds needed. As an illustration, for the achievement of financial targets 1 billion 20 years to come, with growth rate (return) 14% per year, the funds that you must invest per month is $ 75, -/month. Meanwhile, if you delay of 10 years with a target growth rate and the same, you must set aside funds $ 380/month.
7. Defining financial goals with the pair
Discuss short-term financial targets and is paired with long time of fun, because with both of your ideas combine create motivation ship household pliers at the same time strengthen the basic. Start with general things, such as the purchase of a car plan, installment house and others. Explore ideas you are creative. For example, home installment plan is completed before the child starts college beloved, this will reduce the financial pressure you in the future. Or do not buy a tiny car, if you expect to have a little before the coming 2 years. Do not forget to make plans in writing so that you can always review of time and, most importantly, consolidation goals in the plan to your monthly budget.
8. Save = create income
When do you spend monthly for household, Using to save budget. dedicated and saving for something real. New time we married, my grandmother never wise, “Save cart savings birthday gifts for your children soon.” And outside the allegations, we have more than enough for that.
9. Buy for long-term benefits
Almost all parents welcome the birth of family members with preparing a new crib. How long the baby to sleep there? The more thrifty and efficient if we held with the purchase of adult size beds, which will continue to be useful to him mature.
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