MONEY AND FAMILY
Money is a necessity in every family and yet it is so scarce. It never seems to be enough.
Wonderful women, how do you handle money both in your personal life and in your respective families?
For me I like being organized and my financial life is no exception. Permit me to share some useful tips on family/personal budgetting.
1. Know and define your income.
For salary earners, this is a little easier to predict as there is an expected salary pattern.
2. Investment: Always try as much as possible to set out a certain part of your income for investment purposes or for family projects.
3. Expenses: list out your expenses for the.month Always ask your self the question- ‘ Do i need this?‘ If you don’t, then it is a want. There are some basic needs of man: Food, shelter/rent, clothing (note not designer clothing o). Always ensure that your expenses does not exceed about 50%of your income.
4. Donations/help:. It is important to lend a helping hand occasionally. Define what percentage of your income is assigned to giving/donations/helping others. Remember blessed is the hand that giveth than the one that taketh.
5. Tithe: If you are a Christian always pay your tithe.
6. Savings. Never forget to always save for the rainy day.
7. If you have kids, start teaching them how to be frugal and how to save. One way to do this is to get piggy banks for them. Let them start collecting coins and putting it in their piggy banks. Also dash them money regularly and encourage them to spend to spend wisely.
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