Even people who you could class as being ‘good with money’ can struggle with keeping their household finances in check. An emergency here, some overspending there – it doesn’t take much for chaos to take over from order again. And with modern lifestyles meaning that both household heads are at work these days, it’s no surprise that it can be difficult for busy families to let things slip every now and again.
It is vital, however, to start – and keep – coordinating your spending and saving as a household if you want to manage your money properly. Sure, it can be difficult for everyone with a busy lifestyle to keep track on spending, saving and investments, but, ultimately, the more control you have, the better off you will be. In today’s guide, we’re going to explore some of the options that are available to you; that can help you keep a tighter grip on your finances, no matter how busy you are. Let’s have a look at your options.
Share the same goals
If you want to make a real difference to your household finances, you need to share the same vision. It is essential that everyone reads from the same page, and frank discussion may be needed. No financial advice or plan of action will work if one member of the household isn’t keeping to their side of the bargain. So, talk about your goals, and come up with a robust, workable plan, that both of you are happy with. It will set you in good stead, and your chances of success will be much greater.
Create spreadsheets
Setting up a basic spreadsheet which you can share with each other can take a little while, but it’s easy to tend and control once done. You can track all your savings, retirement investments, and spending in one simple lace, that both of you can access. Try using a free service like Google Drive – it will almost force you to sit down once a month to talk about your finances.
Use apps and tools
There are some great apps and tools out there that busy households can use to retain a firmer control over their finances. The HomeBudget App, Hero Wallet, and YNAB are all excellent, and users report that they can make a huge difference in setting – and keeping – better financial goals.
Seek professional advice
Household finances can be tricky to deal with, particularly if you have several assets and investments on the go at once. According to Local Financial Advice, a financial advisor can help you in several ways. They can maximise your tax reliefs and introduce you to benefits up may not know about. They can also monitor your investments and provide ongoing advice to ensure you are alway on the right track. In short, an experienced advisor can prove invaluable to you and your family’s finances.
Educate yourselves
Finally, always set aside some time each week to get to know more about finances. The terminology used can be confusing, and without a full understanding of your situation and some of the potential drawbacks, another financial disaster may not be too far away.
Are you a busy household that has some tips for others regarding controlling your finances? Why not share them in the comments section below?
