Managing household finances is difficult. There are just needs that make you have to spend money beyond your budget. There are always mistakes that you and your family cannot save.
By starting to know and apply how to manage household finances so that they are not wasteful, it can help you to have a healthier financial flow.
Of course, by having regular family finances, you can minimize uncontrollable expenses, especially those that are impulsive due to debt, for example with a credit card. So, by managing regularly you can further reduce the possibility of getting into debt.
In addition, you can also control so that unexpected finances do not come out, which will usually make you more wasteful. Usually by managing like this you can know exactly how much you can spend and what the spending limit is so you don't overdo it.
The Key to Successfully Managing Family Finances
Make time for family gatherings, and determine how much is enough to spend on each expense. Agree with each family member, and let them know that this budget will not go as planned without the involvement of the whole family.
How to Manage Household Finances So It's Not Wasteful
1. Create a List of Expenditure Items
Start by dividing the various types of expenses that you and your family will spend.
Check again whether there are other expenditure items that you usually have to pay regularly, one of the most important is paying off debt installments such as credit cards or KTA, as well as other debts such as KPR, KKB. Of course, this needs to be budgeted specifically if you still have ongoing debt.
After knowing the expenditure items, try to start allocating funds for each item. You can use a free app or use a spreadsheet table in Excel. This will help you calculate each type of expense, and see if you need to allocate that much money.
2. Create a Billing Calendar
To make household finances more organized, it's a good idea to make a billing calendar every month. Mark each date you need to pay your water or electricity bill to pay for your child's school fees, credit card billing date (if any), or other fees. Get in the habit of doing it regularly at the beginning of the month, at least the 10th of each month. This will help you be more organized and avoid fines.
3. Pay Debt Every Month
If you do have posts to pay debt installments every month like the post above, of course this should be prioritized. Make sure to pay debts regularly every month to avoid arrears and have an impact on bad credit.