Financial freedom is the desire of every family from anxieties, worry, debt and heartaches which all spring from lack of money. Below are delicate proven ways to family financial problems:
- DISCUSS IT: the husband and his wife must sit down to discuss financial matters together. Poor communication about family spending leads to financial foolishness. A discussion between a husband and wife should address
- Priorities in the family; things to spend money on and how to save.
- Pinpoint any areas where you have recently spent foolishly.
- Agree on some rules you will both follow for better family budgeting.
If you have never sat down with your partner to discuss the family budget, that may be why there are problems in financial matters in your family. You can begin today. If there is no money, you can sit down and talk about it.
- SELF-EDUCATION MONEY MANAGEMENT: you should study the principles of spending money. You need to know about BUDGETING. Budgeting, in its simplest form, is the analysis of needs before embarking on expenditure. So, the couple must do some analysis of family needs before spending. You need to also know about TAX RELIEF MEASURES. The government of each country has devised means and measures of relieving financially burdened families. You need to know how to fill the Tax Relief Form. It is your right and you should make the best use of it.
- AVOID DEBT LIKE A PLAGUE: when the sum total of what you owe is more than the sum total of what you have, you are in debt. Debts must be avoided. If you are in debt, you should sit down to plan how you will pay back. If the debt is so much that you cannot pay at a time, you can reach an agreement with the creditor to pay the money on monthly installments. Based on your income, self-denial and self-control, you could set aside a sum of money every month to defray part of the debt. In this way, you will settle all your debts. Having settled all your debts, begin to spend with prudence. Agree on a family priority list and stick to it. Make a comprehensive list of items that are needed at home. From the list, determine the most urgent and indispensable items. Use ‘list shopping’ to resist the impulse items. Target ‘sale seasons’. Avoid browsing in stores with large money in your wallet. Avoid borrowing heavily on depreciating and consumable items.