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Money in the Family

Looking at your family, there could be earning members, kids and older retired members. You have to take care of all those in your family. Also, everyone needs money to spend. With a limited budget everyone has to be comfortable. It takes a bit of thought to manage the money carefully. A set of principles could help you handle the money:
1. Prioritization of Expenses
Very important expenses like health and education come first. These are followed by the day to day living expenses. Next we allocate money to everyone for personal expenses. Finally we look at expenses for comforts and luxuries.
2. Personal Privacy
Even within a family, lines are drawn between what information we share and what we keep confidential. Everyone, especially teenagers need a degree of privacy. When allowances are handed out there should not be too many questions about personal expenses. Financial freedom should be the attitude when it comes to giving money to dependants.
3. The Family Money Pool
Every earning member contributes to the family money pool. This conceptually means that everyone contributes money to the person who runs the house and makes the day to day expenses. Emergency and large expenses are also made by all those with money to spare.
4. Keep Family Bonds Strong
It is very important to keep family bonds strong. This is done by helping each other out when needed. Shared responsibilities and values go along with shared finances.

With these principles your family will be secure and happy.

Daily life financial tips

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