Have you ever wondered out of your actual monthly spending how much is necessary and how much is avoidable? If you haven’t then chances are you don’t need any financial advice and you are managing your finances quite well. But if you have then you need a bit of financial advice.
Normally the man of the house is looked upon as the breadwinner, the provider who earns money for the family. The woman is entrusted with the job of managing the house with whatever she gets. The other members of the family like children and older parents do not have any financial responsibility. As long as the income is more than the expenses all are happy but due to any reasons if this equation changes then there is an emergency. Like on a ship in case of an emergency all personnel are called on the deck to help keep the ship afloat similarly in case of a financial emergency at home all family members can be called for help. Managing household finances is not only the breadwinner’s responsibility but should be the responsibility all family members.
The homemaker is looked upon as the manager of finances in the house. In her spare time she can take up any part time assignment to contribute towards the family income. She also decides how much the monthly family spending is going to be. She can have a double impact as she can earn as well as save. Children need to be educated about spending their money. Having a conversation with them and involving them in financial discussions of the house will make them feel important and responsible members of the house. Parents can teach children the importance of saving money from a young age. Following these tips will ensure that the entire family is on one page and each member is aware about his contribution towards the family.
By ensuring all hands on the deck you can tide over any financial emergency. Everyone understands their roles and helps each other in performing their roles and carrying out their responsibilities. Financial lessons learned at a young age stay with children for a long time. They learn to handle money in the proper way. This by far is the greatest advantage of involving them in the financial decisions of the house. They can then pass on these tricks to their children and then it becomes a family tradition. This is the best way to teach them financial management.