Money Management for Couple
If you have been married, your money is her money, so does her money. Both parties’ money should be written into family accounting book. Decide together about the posts of expenses. If necessary you can make envelope system to separate the expenses. For example transportation expenses are in the orange envelope. Meal expenses are in the green envelope. Entertainment expenses are in the red envelope.
With these envelope system, both of you will be so easy to arrange family cash flow. This traditional method is very good to control your finance. If you want to skip this traditional method, you can use bank account method. Both of you should have same ATM which is only able to be withdrawn with certain agreement. You can make some percentage of financial management to withdraw money from ATM. For instance the money for meal can be withdrawn if not more than $100 per week.
If you already have kids, you must not ignore their needs. Do not only think about meal aspect, but think about their education and happiness too. You can plan holiday together if it doesn’t destruct your cash flow. Don’t forget to give several percentages of your salary to those who are unfortunate as a part of your sympathy.
Money Management for Single Parents
It is hard to be a single parent, especially if you already have kids. You must be brave to face this situation. All you have to do is having good money management since you work alone without support from your spouse anymore.
Each time you receive salary, you have to put several percentage of the money into bank account which doesn’t have ATM. This will avoid you to take money frequently, especially if you are persuaded by sales people to buy their products. You should not take loan if you don’t have capability to repay the debt. It is very dangerous if you take loan without stable financial source. You will be super frustration as single parents. When you purchase goods at supermarket, it is better not to bring your kids. You can concentrate for shopping according to the prepared list. If you bring your kids, they will ask to buy goods which are probably unnecessary. Be discipline in your money management, so you will not regret in the future.
When you have been so discipline in money management, but you always lack of money, so you can think about new jobs or having side jobs after office hour. Surely you must not forget to give affection to your kids.