Tips for Managing Finances for Young Families

Managing finance for family is very much important, although currently maybe not yet get married, but if we having good information and useful tip to manage family`s finance will help much later if already get marriage.

Getting married and having a family are stages of life that do provide extraordinary experiences.Not only happiness because you can live life with your beloved partner, but there are also many valuable experiences about life.

Unlike when you are still living alone, the financial condition when you have a partner and family life certainly requires adjustment.
It seems true that the words if living in a household is not enough just to have capital of love, at least finance must be safe by having a steady income.
A bit challenging indeed, because managing finances is not as easy as imagined, especially for young couples who are just building their future. But there is nothing that is impossible if you want to try and always think positively.
So that young family no longer have difficulty maintaining their finances, here are some tips that can be applied so that young couples are able to achieve the desired financial goals. Look carefully at the following money management tips below:

Start by Preparing Emergency Funds

Having a prosperous family with stable financial conditions is indeed the dream of every person, including young couples. Therefore for young couples preparing emergency funds from the outset, it is a highly recommended step.

Another case when you have children, young couples who do not have children are more likely to have more funds to save in an emergency fund. Especially if both of them work, of course, it will be easier to prepare.

In essence, this fund will become backup funds, when occurred the unexpected problem. Because the young family will vulnerable to facing a financial problem, because their lifestyles may not  familiar with the household of life that requires responsibility

In this way also, the financial situation can be safer and at least free of worry about financial problems that may still be in the stage of adjustment.

Make a Financial Plan carefully

Someone who has a plan in his life means having a purpose, and this goal which will encourage someone to be able to do something including financial matters. So also with young couples who start thinking about their financial plans for the future

Having planned finance at least can make the financial situation more awake to remain within the positive limit. And not just limited to making shopping plans or just romantic vacations.

This financial plan is more about long-term goals, which means managing your finances from an early age so you can enjoy them in old age. For example, by investing, there are many types of investments that can be an option by buying a house or land, can also open a savings bonds

Whatever is planned originally done seriously, must have results. And if you are still unsure advice from the closest people who are more mature about financial matters, for reference, for example, parent or financial consultant

Don’t Let Any Debt Not Get Over

When you start planning financial matters, keep in mind there are still debts or loans that have not been resolved or not. For example, maybe funds for college first, or maybe even the cost of a marriage that has not been fully completed.

Of course, paying off a loan is far more important before starting to save a portion of the income earned.

By freeing yourself from debt from the start, this will give you the opportunity to live quietly away from the shadows of unsettling debt. That way, more finance can be arranged as desired.

Take advantage of the Retirement Plan

It may sound too early, but there’s no wrong in thinking about old age. If you have a permanent job like a bonafide company employee or become a civil servant, you don’t have to bother thinking about old age.

But for young couples who work as entrepreneurs or worker who does not have a guarantee of the old age, you can make your own retirement savings plan.

By thinking of old age from the beginning, at least the future is more organized. So that in old age you don’t have to work hard just to make a living.

Think of Education Savings for Children

Even though currently they don’t have children, thinking about their education is also quite important. Why is that? Because the earlier a young couple thinks about the education of their children, the higher the dream can be realized.

The cost of education is not cheap, it can make someone unable to continue their education to a higher level. At least when education savings have been planned from the start, in the future the desire to go to school will not be burdened with economic problems.

Think Insurance Issues

The issue of life insurance is usually far from the thinking of young families and some may even consider it not too important. Although there is an assumption that insurance is only suitable for people who are old, this actually needs to be straightened out.

Insurance is not only suitable for the elderly, because real insurance is a protection for all ages. By having insurance, someone not only protects himself but also his family especially if he has a loan in a bank with a long loan term.

The protection that offered by insurance is not only one type of protection but more complex for various needs. For example to protect live and asset that owned like as homes and other properties from something that undesirable

Conclusion

Wisdom in managing family finances is not only the role of one person, because of financial stability because of contributions from husband and wife. Anyone who earns a living, at least managing it must be considered from the start so that there are no problems. Maybe useful.

#Another article

How to Manage Money, avoid types That Will Fail to Manage Money

 

4 Responses

  1. November 16, 2018

    […] Managing money should be done carefully. In the holy book of the Qur’an mentioned in surat al Isro verse 27 that in fact these spenders are brothers of Satan, and Satan is very disbelieving to his Lord And in verse 29 of the letter Al Isro mentions that, and do not make your hand bound to your neck and do not stretch it out too, therefore you will be reprehensible and regret. Its mean is that managing our money should not be too wasteful, nor can it be too stingy, so spending money is only limited to needs and saving if there is leftover money that can be saved. #Another article Tips for Managing Finances For Young family […]

  2. November 18, 2018

    […] Tips for managing Finances for Young family […]

  3. November 18, 2018

    […] Tips For Managing finances for Young Families […]

  4. January 2, 2019

    […] 2 Tips for Managing Finances for Young Families  […]

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