How do you manage your/family finances?
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MMM:
Someone once told me that it's not how much you earn but how much you save that matters.
I totally agree !
Some of my female colleagues who are earning over $8K a month, still carry their own water bottle when they go and eat at the canteen. Their handbags and clothes are the no name brands, but they look very presentable. And I have total respect for them. -
Hey Tamarind, thanks for sharing! Will definitely read your blog! I used to squander money away when still singlem now that slightly mature aka old and with family. Have changed quite a bit. I didnt know how to save much when young so would love to find out more abt that so thanks for sharing. Well, speaking of wardrobe. I came across an article on facebook. It kinda enlightened me… If we stock up our wardrobe with pieces of clothing that we love and our style… Im not a fashionable person but more of comfy style… So getting items that r yr colour and cutting will make u feel good everyday. For me… I do quite a bit of online shopping cox firstly cheap and no time as my time has to be worked around my family. But online clothes may not fit… So maybe article is right in a way. I have long hair so does not really need to spend on salon etc. But i heard from friends who has the luxury of time… They do their hair and nails and even shopping in JB! can save quite a bit so maybe i will try that!
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I used to be an impulsive buyer… I was able to lessen it by making a shopping list and stick to it. Don’t carry credit cards or checkbooks. Set time delays or waiting periods before making large purchases. This works for me.
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When we got married, husband and I started a budget after our first month living together. We discuss our budget at the start of every month and record all our household expenses on a google sheet that we both can see. Really makes you more sensitive to the money outflows and think twice about extravagant purchases....
Creating a budget plan every month could help. We have been doing this for quite a while now and it really helps us on how to manage our finances. -
Planning and thinking ahead of time can save you time and money. If you know how to plan and think , you will know how to handle your finances in terms of making sure what you do today has effects on your future. Think before you spend your money, spend wisely.
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DON’T BUY THINGS YOU CAN’T AFFORD.
If the only way you can purchase an item is using a credit card or interest-free offer, then that’s probably a good sign that you can’t afford it. Interest-free offers just delay the pain. Go the old-fashioned route and wait until you have saved the required amount to make the purchase. -
Just some tips to manage finances:
spend your money wisely on the things you must have – these are your needs
save money for the things you like but can live without – these are your wants
set aside money for unforeseen expenses – for example, if your car breaks down and needs repairs
stop accidental overspending. -
It also helps to attend seminars about financial literacy to be reminded of the big difference between needs and wants. Planners may also be helpful to track your family’s expenses.
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I guess the best way to manage our finances is to have a clear definition of needs and wants, know the difference and stick only on the stuff your family really needs. Savings first before expenses.
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I kinda agree with you
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