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 Both of you should have same ATM which is only able to be withdrawn with certain agreement.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 For instance the money for meal can be withdrawn if not more than $100 per week.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.
Debt Management Payment
Difficult economic situation forces people to think hard in solving their economic problem. Borrowing money to money lender is general option chosen by many people. Money that you borrow should be returned on time. If you aren’t, you need to have more amount of money. Many people are careless in borrowing money. When borrowing money, it should match with your financial capability. Good management is needed to organize debt payment.
When talking about debt payment management, you need to discipline yourself. You need to know when you need to prepare to pay your debt. Money should be available when the payment time for your debt has come. You shouldn’t use your money to pay your debt for consumptive activities. Scale of priority should be composed in order to make you stay focus to pay your debt. Place it at the number one of your list if it is very urgent and important.
When you pay your debt on time, you will finish your debt problem step by step. Finishing your debt problem, you can feel freedom from the responsibility of the debt. You can think about other problems in your life. People who are difficult to pay their debt, perhaps they don’t have good management in paying their debt.
Protect Your Valuable Asset Soon
Commonly, people will have one common goal in their economic life. It is the goal to achieve financial security. Being financially secured, people will feel more comfortable to face their life. It is a fact that economic problem can cause psychological depression. There are many people who become insane because of bankruptcy. That is why, financially secure becomes realistic goal in this unstable economic era. If we are financially secured, what should we do next?
Some people will face confusion when they achieve economic financial security. They confuse about what they should do next. A recommendation for you is that you need to make investment. Investment is a means to protect your asset in the future. If you have real big capital and you want to make investment in a bank, you shouldn’t invest your money only in one financial institution. You need to divide it to several banks that you can trust.
Besides investing your asset in banks, you also need to choose another form of investment. Gold bullion can be good idea. Instead of collecting jewelries, it will be better for you to invest your asset in gold bullion. The selling price will be more stable. Those are suggestions for you when you have achieved financial security.
Money Management for Single People
It is very easy to manage money if you are a single person. Unfortunately many single people do not have good money management after receiving payday. They always lack of money in the middle of the month.
How to overcome lack of money in the middle of month? Firstly, analyze your habit for spending money. If you always go to big restaurant and purchasing expensive clothes, so you need to reduce these expenses. You can eat healthy foods which are not so expensive in the cheap restaurant. Do not hesitate to move several percentage of your money into insurance instrument which has investment plan. If necessary you can buy gold as saving for your wedding plan. Well, you must be discipline to have good money management, so you can continue this habit until you are married. This small habit will give many advantages when you are in unfortunate situation like sick.
As a single person, you must think about future expenses which will be so high because of inflation effect. With good cashflow management from now on, you will be ready to face worse economic situation. If many single people do not ready for marriage because of their economic situation, so you are not one of them.