Tuesday, November 12, 2013

Keeping Our Family Financially Afloat

Today’s present society is comprised of 3 different classes of couples – the salary earning, the self-employed and the single-earner or bread winner. Ideally, the salary earning couple has both the husband and wife is gainfully employed with fixed and regular monthly income. Self-employed couples are those who are engage in private business jointly or severally with income that is irregular and unfixed. Couples with a single earning person means that only one of them is gainfully employed while the other is may be into private business or stay at home partner.

The Ideal Family Status

Irrespective of these classes, it is ideal that the husband earns more than the wife for him to be the bread winner of the family. But in some situation, the woman earns far more than their husbands which can sometimes put their family in shaky relationship. In these situations, the husband should be more understanding and not envious of his wife’s finances. Effective financial management at home may be huge responsibility of the husband, but this should not be without the wife. It should be a shared burden and shared responsibility of the couple.
Restriction of Expenditures
Basically, new couples or young families should strive hard to live within their income. But of course, there will be unexpected expenses wherein their savings are spent and they incur debts or loans along the way. Several huge purchases and loans may include, buying a house and putting it on mortgage, university loans that still need paying up and others that they incurred while they were still single. Once you are married, you need proper family financial planning to effectively handle your income and expenses. You should also start saving and practice measures that will help lessen your debts.
For instance, you have several credit cards and you are worrying about different charges that is growing and stripping you off your savings. Why not try and use a transfer credit card to lower your debt and save yourself from paying charges and interest on different cards. There are banks that have handsome offers for those who are interested to transfer their balance on their card. 
Family’s Economic Policy
Some homes struggle with their finances despite having both parents working and earning. In these cases, everyone including the kids should be encouraged to take part in the family’s economy. While generally, the couple contributes equally for their home’s upkeep, they are also considered as joint owners of their family heritage. Kids may also be encouraged to do their part in growing the family wealth.  Get a better online bank account which cover not only you and your partners account but also your children’s start up savings account.
There are also banks that offer automatic transfer of a certain amount for your family’s wealth building such as investment in mutual fund and stocks or shares. When you become a family, you become a group of individuals working towards a main goal and that is to keep your whole family’s financial status afloat and striving.