Most of us know the importance of discussing money matters. Nowadays both the members in family are earning, it is always recommend to have good financial planning and healthy money habits. We need to develop attitude to see both income and expenses are shared equally.
Mentotax recommends the following for the healthy family finance:
Include entire family in financial discussion:
Sit down together with family include your children too for jotting down family spending plan and to know your family income. Focus on things that are important for family, you will surely find ways to cut the expenses and improve your savings. Teach money management to children from young age.
Have separate expenses account to monitor the progress. Share equally among the earning members.
Keep Your Life Goals in Front:
It's always important to know, what we need as a family together and ways to acheive it. Financial goals should be clearly defined so that earning members can fund to accomplish the goal. Always remember to keep the life goals in front.
Financial goals may be family vacation, children higher education, children marriage, retirement corpus, buying home,car etc
Save Together, Spend Together and Invest Together
When you have decided on what family is needed, it is always important to save together first and spend later. Funding should be from both the earning members so that importance of goals are felt. It will help family to know the best value of money. Investment decision should be taken wisely based on the income, savings, risk appetite of the family. Start Cultivating Investment habits in children.
Mentotax advises to always have check on the spendings, Improve your savings and Invest the saved amount in best financial products.
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