Want to know how well you are managing money for your family? test yourself by reviewing this “10 Basic Rules of Money Management”.
1. Plan for the future
2. Set up short-term and long-term financial goal
3. Understand your family financial situation
4. Pay your bills on time
5. Use your credit wisely
6. Keep a record of daily spending
7. Develop a realistic budget
8. Creat your saving plan including emergency fund and retiring fund
9. Distinguish between “needs” and “wants”
10. Don’t allow expenses to exceed income.
I know it might be too much for you. When I started this list years ago, I could only do 4 out of 10, it takes time and more importantly it needs team work between you and your spouse. I believe “money is a habit”, once the habit has been established, it’s hard to be changed. Make sure you build up a good habit to your money. If you do so, for a long-run perspective, money will work for you.
———————————–
Lillian & Benjamin, we help families achieve financial success
Leave a Reply