Take Control of Your Household Finances
Credit Card Use
If you have a credit card, use it, but don't forget to pay the entire sum, not the minimum amount, at the end of the month. Utilisation of credit card should be done wisely.
Rule of Thumb
If the total household expenses is higher than 33% of your household income, it's time to cut down on expenses. Here are some tips to lower your expenses.
1. Cleaning of air-conditioners should be done regularly.
2. When you do the laundry, do it full load.
3. Put thimbles on your taps
Assign Book Keeping Duties to Your Kids
Do you have children? Think of assigning simple tasks such as data-entry to them. This will make them understand basic financial principles. It will also teach them to become responsible and promote good financial practice.
Organize Your Financial Statements
List down your finances. Have a notebook or a ledger. If you have an access to a computer, organize the physical bills and statements by putting everything into a spreadsheet. You don't even have to pay cash for a spreadsheet.
Here are some tips in organizing your financial statements.
1. To save time from entering data, get soft copies of bills and statements, if possible.
2. Back-up all your files, save them into CD-R or thumb drive. Then keep them in a safe place.
Financial Planning
If you have a littlle source of income, and there is only one person working in your family, think of getting an insurance plan for the breadwinner. Financial worries are not something your family should cope with in the event the sole breadwinner is incapacitated.
Make It a Routine
The more you postpone, the more it piles up. Give at least half an hour each week to analyze your finances.
