• A Busy Parent's Guide To Managing The Family’s Finances
    Because sometimes 24 hours a day is just not enough for moms and dads.
  • It's quite a remarkable feat how parents nowadays are able to do one, two or even three tasks at a time – from getting the kids ready for school, to keeping the house clean or beating deadlines at work. But even though most parents are able to keep up with the demands of family life, there are still some important things that are often pushed to the back of the list to accommodate more pressing things like the next PTA meeting at the kids' school or restocking the pantry for the next couple of weeks.

    Most parents overlook the importance of paying close attention to the family's finances. If you're one of them, here are some simple tips to easily sort out your family's funds.

    First things first

    Talk to your kids about money. Help your children understand where money comes from. Tell them about the efforts involved before your monthly paycheck becomes part of the family money. If your kids know the amount of work you've put in to earn the money, they are most likely to appreciate its value and be more careful when it comes to spending.

    Know your numbers

    Take the time off your busy schedule to sit down with all the members of your family to go through your bills, expense lists and income statements. Here's how to make it simple: use a pen, paper and calculator. Start with making a list of the family's income, set it aside and list on another sheet of paper the family's expenses. Make sure you include what the family spends for utilities, food, entertainment, education, transportation and general expenses.

    Make the adjustments

    Once you know how much money is coming in and how much money needs to go out, make the necessary adjustments. Is your family spending too much money by eating out? Would cooking and eating at home be a cheaper option? Would commuting to work be cheaper than taking the car? Should you start a community carpool to save on school bus fee? How much money would it save the family if you start investing in reusable items? Listing down your expenses and finding a cheaper option is a great way to cut down on how much your family spends.

    Allocate your funds and set allowances

    Now that you've chosen cheaper options, decide how much goes where. Go through your choices and divide the family income accordingly. How much money should each member of the family spend for a week? Would a reasonable amount of pocket money be enough? Would everyone be taking packed lunches or joining a carpool? Encourage everyone to stick to the family budget and remember to consult each other before making any big purchases.

    Learn about Savings

    Apart from teaching your kids how to budget money, shop smart and bargain, it's also important that you educate them about the value of saving. Opening your children's eyes about the importance of putting away some money at an early age will help them grow up to be more responsible with their money. Break the common misconception that banking is hard- that it requires a lot of math, and that it's a lot of hassle. There are banks that are more than willing to help, by offering different types of savings accounts for your family. But like any multitasking parent, if you find yourself without any time to visit the bank or you simply want to avoid getting stuck in traffic or waiting in line, Security Bank will make it easier for you. With their Human Switch Kit service, you no longer have to go to one of their branches to learn about bank products and services. With a click of a button, a Sales Associate will go to you. They can discuss various bank offerings to help you get started on your family's saving journey. They can even fill out account application forms for you. Check them out here and set an appointment for you and your family at your most convenient time, anywhere you are.

    At the end of the day, all you ever want as a parent is to set aside enough money for your family's future. If you have constantly felt guilty about taking your family's finances for granted, you can take advantage of these bank innovations to help you save despite your very busy schedule.

     

     

    Sources:

    http://www.moneycrashers.com/money-saving-tips-families/

    http://fpa.com.au/blog/tips-managing-family-finances/

    http://www.practicalmoneyskills.com/personalfinance/lifeevents/parenting/budgeting.php

    http://www.smartaboutmoney.org/Your-Money/Life-Transitions/Talk-to-Your-Kids-About-Finances

    https://www.incharge.org/money-101/how-to-save-money/why-is-saving-so-important

    http://parentingsquad.com/managing-family-finances-when-money-gets-tight

This article was created by Summit StoryLabs in partnership with Security Bank.
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