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. Use your credit card wisely.

Rule of Thumb

Household expenses should be lower than 33% of household income. If it is higher, think of cutting down your expenses. Below are useful tips to cut down your household 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

Allocate Book Keeping Reponsibilities 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

Take note of 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 up 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 secure place.

Financial Planning

If there is only one in the household is working, and there is not much sources of income, consider 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

When you are not doing your task, it piles up. Give at least half an hour each week to analyze your finances.

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