The spending tips for low-income families below will be the key to help young couples achieve their financial goals in time.
Saving money is a goal every young husband and wife should keep in mind to ensure a comfortable life.
Young couples are often unable to balance the money they make and the money they will spend. Therefore, the first thing is that you need to determine the total income of your family.
This total income will include: the couple's salary, income from other sources.
Accurate figures are needed for both spouses to balance the spending and living expenses of the whole family.
To know the total income you need to put the numbers into the books, the mobile expense management application.
To take control of your finances and avoid risk, spending in your family must always be under control.
You need to plan a reasonable and scientific distribution of your total monthly income.
In addition, the salary distribution is also a way to help you understand the source of money in and out within 1 month. From there, there are spending plans and adjustments as needed.
Several methods of salary distribution have been successfully applied by many people, which you can refer to shortly.
The Jars method
According to this method, your finances are divided into 6 different jars.
Jars advises housewives to share: Essential needs: 55%, Financial freedom: 10%, Education: 10%, Long-term savings: 10%, Play: 10%, Give: 5%
The 50/20/30 method
According to the 50/20/30 rule, you can divide your income into 3 parts with the corresponding ratios of 50, 20, 30 into 3 different categories.
50% for essential needs: renting / paying off the house, electricity, water, meals, transportation...
20% for personal goals: Education, savings, repayment, reserve funds...
30% of personal spending: Entertainment, travel, shopping...
Low-income families should list their expenses. These amounts are indispensable in the daily life of the family. This helps you prioritize prepayment to ensure a basic life.
Typically, necessary expenses include:
- Rent / mortgage
- Electricity and water bills
- Children's learning
- Expenses for children: milk, diapers, medicines...
With a low income, but just need to know how to plan for yourself and your family appropriately and scientifically, you can still be financially free. Besides, you should keep in mind the maintenance of regular monthly saving habits to have backup funds when necessary.
After allotment of wages, now you need to set spending limits for each category. This helps you not exceed your total monthly income.
In addition, you also need to set a limit depending on the spending needs and the actual situation of the whole family. Do not be frugal, but too strict limits lead to pressure and stress, fatigue for family members.
The goal of limits is to ensure spending is under control and partly change spending habits.
For young families with limited budgets, the application of savings spending tips is extremely necessary. This helps you ensure the life is within reach and still extract a relative balance.
The trick you can apply is to make a detailed list of items to buy before going to the market to avoid buying emotionally leading to excessive, excessive waste.
Regular home cooking is also an effective way. Just ensure health, nutrition for the whole family, while saving costs to the maximum. After 1 month, please check your meal expenses again. Certainly, the budget for this item will decrease significantly.
Consult prices before making a buying decision. This helps you choose the right prices, within your affordability. In addition, the bargain price also helps you save a cost of going to the market again.
Growing your own clean vegetable at home does not involve the labor and expense of your investment but brings many benefits. Just to ensure the health for the whole family, while reducing the cost of eating significantly.
Saving energy is also a way to reduce living costs if the family has a large number of members. Make a habit of powering off devices when not in use, or going out. Or using energy-saving devices is a way to help mothers reduce monthly bill costs.
Watch next: Relationship advice to young couples!