10 Finance Tips for Working Families

We tend to assume these days that it is necessary for both parents to work in order to keep the family going. You may find that this is not necessarily so if you take a hard look at the facts. Here are some tips to help you.

  1. Consider the cost of working: You may not be making as much money from a job as you might imagine, because you might be incurring a lot of expenses such as day care for children and paid help, just for keeping your job.
  2. Make a budget: Planning is the key to success in anything that you do, and this is particularly true in finance. So know in advance how much money you are likely to need.
  3. Control your purchases: Once you have made the budget, control your purchases and expenses carefully to fit into the budget
  4. Know where the money will come from: This is really a part of the budgeting process. You should know in advance how much money would be available to you.
  5. Avoid debt traps: Taking large amounts of loans to satisfy your immediate wants, including use of your credit cards, may seem very attractive till the first statement reaches you.
  6. Live within your means: This is an extension of the previous point. If after careful examination you find that an expenditure that you’re planning to incur is not fitting into your immediate budget, wait till your financial condition improves (It always does).
  7. Set priorities: If you are to successfully implement the above suggestions, you’ll need to set priorities, so that it becomes easy for you to knock off less important items from the family expenditure list.
  8. Build a network: You’re not alone in this world. There are lots of others who also have temporary financial difficulties. If you support each other, you can avoid taking recourse to outside debts and high interest rates.
  9. Look for cheaper alternatives: If you look around, you’ll find plenty of tips that would help you to cut your expenses without sacrificing your lifestyle. For example, move your credit card to a more suitable card. If you signed up for a frequent flyer credit card but find you don’t have the opportunity to travel on it then scrap it! Shop around for a simple, low interest credit card which doesn’t have high monthly interest repayments or annual fee’s.
  10. Look for bargains: It just takes keeping an open eye or looking around to take advantage of bargains.

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