For many, especially for newlyweds, calculating household budgets is a complex issue. How to meet your living needs simultaneously with your own monthly savings? Let’s take a look at some of the tips below.
Make a list of expenditures
The monthly consumption list helps you to balance your family expenses accordingly
The first thing that determines each month what to spend and sort them? The more detailed you set up, the better you manage the allocation of spending. For example:
– Living expenses include: electricity, water, food, transportation, school fees (if you have children). The fixed costs for housing such as rent, maintenance-management fees (for condominiums) and taxes …
– Savings funds are “expenditures” for short-term or long-term plans.
– Expenses such as travel, travel, money types happy … The more detailed you list, the better you manage the allocation of spending.
Note that you should keep the monthly invoices to compare your spending and balance to a reasonable amount.
Determine the actual budget
Determining the actual budget will save you money
The actual budget for family spending is not necessarily your total income. Why? We also have to pay tax, savings deposit or insurance premium and incident reserve.
If you have to spend all your income on a monthly basis, it means that your family’s spending habits have a problem or the total income of the couple is too low. When you calculate the actual budget, you can.
Plan short-term / long-term savings
Set up a savings fund for long term plans
Every family needs financial accumulation to prepare for short-term or long-term goals. It can be a budget for buying a home, buying a car or preparing for a child’s education. Even further is the budget for parenting.
Many people choose to book a savings book but many others choose to invest in a premium package because of the advantages such as accumulating money with attractive interest rates and financial security before the risk. healthy. Depending on your needs you can choose the right type of savings and you should start before you get married.
Private reserve fund
No one can count all the possible situations in life. If you do not have a separate fund for health problems or problems, how do you solve the problem?
The separate reserve fund is separate from living expenses, savings and other expenses. You can increase your own fund from unnecessary expenses. When you self-accumulate your own funds, prove yourself.
Cut down on unnecessary spending
Cut down on unnecessary spending to avoid waste
Many people think that income is not high, there can not be savings or reserve fund. This is wrong because you do not understand how. Break budget into two fixed and mobile expenses.
With the compulsory fixed costs there are urgent needs such as necessities, food, fuel …. Expenditures paid or incurred should be considered cut to the extent of necessity. For example: You can eat rice at home instead of eating outside, you just buy enough to meet the needs of yourself and family, … This will save you a lot of money for the family.