Family Finance

The financial affairs of the family are the affairs of all family members. When one family member does not follow the family finance agreement, this will be messed up all the steps that have been taken to keep the family finances remain stable. Controlling the family finances properly is part of trying to have a happy family.

Some financial actions that can be done are as follows:

1) Husband and wife should be open about family finances. This openness will make them become comfortable in managing family finances. If there is something hidden then usually it will be the start of a big problem.

2) Children should be involved to know the value of money early on. It does not mean to make the child a gold digger, but to make him not controlled by money. For example, what can be obtained from $1 or what can be done with $100?  Let the child understand the various forms of money.

3) Make the finance board that contains weekly and monthly expenses. Encourage all family members to discuss the amount of money in and out for all to be aware of what has been done with the money and what will be done with the family finances in the next time.

4) Absorb financial knowledge. Thrifty person is one who knows how to use the funds for the benefit of all the families that need to be met without compromising the other items possibly needed. Do shopping as needed and necessary, not only because of the demands of willfulness. Family finances will get better when all family members know about the science of finance.

5) Inculcate your kids the habit of respect for money by way of saving. This is the first step to educate how to manage money well. Saving money is a wise future-oriented decision.

6) Learn to invest even small. For example, by buying precious metal like gold in the form of bars or jewelry, bank deposits, shares or saving deposits. You can also buy land or a house to be used as a long term investment.

7)  Discuss money and finance with all family members