Financial planning is an important thing that every family needs to do. In managing this, you and your partner can see your family’s condition and think of planning according to your current condition.

During this pandemic, we see that many people who have no plans are destroyed. It happens because they just try to get through the day without planning. After all, they don’t predict that the future might have something unexpectedly.

As a result, many people were laid off. Losing a job makes many people depressed or even just silent without doing anything because they had no plans back then for the unexpected future.

Family is the most important community in society. The way the family works is the same as a company, where there will be profit and loss and is equally carried out with cooperation between husband and wife.

This is where your role as wife and husband to know your family’s situation together and make plans. This plan will help your family have the same vision and prepare for the future.

There are five steps that you can consider in managing family financial planning:

  • Know the total of your family’s income and expenses each month by looking at the income and expenses from previous months. By doing this, you can see whether your financial condition is healthy or unhealthy.
  • Find the right time to discuss your family’s financial situation with your partner without interruption. You can start discussing your financial situation by opening the budget from the previous year.

Find out what was the problem in the previous year and think about what to do if the problem still there. Also, discuss prevention that both of you can take to avoid a financial crisis.

  • Make targets for the future by setting a budget for family needs. Every family has different incomes and expenses. What we need to know is that every year, the budget will always increase not decrease.

Therefore, you and your partner must find solutions to ensure that your income can cover expenses and even provide family savings.

If you cannot lower your expenses each month, you need to find ways to earn income from other places by having a side job that is possible for you and your partner to work on.

  • Trying to be consistent with the financial planning that both of you already manage every month. If we have already set an existing target, use that target. You must follow the targets that have been made as a mutual agreement.

Flexibility is not needed in managing financial planning unless your family already has a stable financial situation.

  • Check your financial condition every month. This is done to ensure that you follow the plan that you have set.

Financial planning helps families have the same understanding and vision for future dreams. Planning helps you understand the purpose of life and ultimately helps you approach and achieve your life goals with your family.

May 9, 2021

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Check out other Versions of this Article!
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