There are many methods that may be simple but that contribute to managing the household’s financial affairs effectively, including the following:
Communication between family members is clear and transparent, as the real meaningful communication and cooperation between working family members and who are able to contribute even with a small portion of the expense The home and holding them accountable hand in hand is a very important matter; Because it helps to realistically and successfully count the revenues and income of the family, and that is by the prior agreement of the spouses and discussion together about each other’s income, and his personal assets that regularly benefit him, and to involve the rest of the family members who are also working in this step from time to time, and to limit the revenues that will be earned by the family.
On a regular weekly basis, or monthly, for example, according to the agreement between them, then talking more personally about the financial responsibilities that each of them adheres to, and in the event of private debts or amounts borrowed from banks and requiring payment in installments, or other personal responsibilities and expenses to find out how Distribution of their income, and the percentage that they can contribute to the household expenses without damaging their personal budget and materially annoying them.
Establishing an organized plan for managing and keeping the budget.
Money management is an important part and a special skill that all family members must learn and understand its importance and positive effects on their happiness and well-being, The house’s financial affairs are managed by developing a well-thought-out plan for the budget that the family owns, which is led by one of the parents and the rest of the household members share the ideas.
And the proposals that in turn support this plan, maintain the stability of the budget, enhance the family’s ability and the efficiency of proper housekeeping of funds, and family meetings for its members can be held from time to time, and in conjunction with economic changes and the fluctuation and difference of values and sources of income that contribute to the feeding and supporting this budget, and the plan includes The following important points:
Provide the basic needs, family priorities, and pay household expenses on a regular basis. Avoid resorting to debt, and in the case of a debt, keep it under control, so that it can be paid even partially without affecting the financial level of the family.
Attention to the well-being and happiness of the family, and a vacancy for some of the additions that make life enjoyable, but in a correct way without compromising its stability. Maintaining a stable budget and sticking to the plan to avoid constant worrying about finances and their effects on the family.
Making a list of the basic needs and expenditures of the family.
Defining priorities and basics help to quantify the number of family expenditures, by taking into account the following matters:
Separating needs from desires: as there is a big difference between the basic needs of the family that are indispensable, and include the requirements for a decent living of food, Water, medicine, shelter, good clothes, transportation expenses that help people to go to the workplace, etc.
Also the desires that some have for the family’s expenses but are in fact not important things and it is possible to live without them sometimes; As it is for the purpose of entertainment and pleasure, and desires must be very rational and reasonable, and their expenditures should not be greater than other necessary expenses; So as not to constitute a weak point in the family budget and cause it to drain without an important goal.
Contingency insurance: An amount of money must be saved from the family’s expenses and set aside away from the budget for expenditures, as it may be exposed to some urgent circumstances and sudden financial crises that require an amount to be saved for it.
Economy and saving expenses It is recommended to follow the following guidelines to save money and save household expenses in simple ways, which are:
Establishing variable lists based on the needs of the family; To save on expenses and bring only her most important needs, and to ensure that many secondary things are not purchased when shopping and the necessities are forgotten in return.
Effective use of coupons and vouchers that contain many discounts and save money, in addition to obtaining some free products sometimes.
Check the prices of the selected products before paying for them; As there are many different brands and brands that vary in their prices, as it is possible to save money and get high-quality products at an affordable price, and pay a reasonable price instead of buying an expensive product of the same quality.
Buying products in conjunction with the expiration date, as shopping centers set up large discounts on some products that have a close expiration date, and thus they can be obtained and consumed before the date and save money, but it is necessary to take into account the expiration date and verify their consumption before it. Use discounts and take advantage of them smartly.