Saving is essential to be able to achieve certain personal goals, it is better to promote this habit from an early age, in the case of families they can also do this practice together for the purposes they define.
Household expenses are always present, so it is recommended that you invest as a family and collectively manage your expenses, in this way you can also save.
Organize your expenses. Photo: Pixabay
It is important to distribute the expenses to each member so that the economy of only one member is not affected but as a group everyone contributes what they can according to their income, for this reason here we give you some tips that can be implemented to make savings, define the spending and also investing in family.
1. You have to identify the expenses they have
It is important that the members review the expenses so that they can identify in which they invest the most, in this way they will be able to structure and manage according to their needs in a monthly period or as long as they decide as a family.
Also something they should consider is detecting the ants expenses, which most of the time without realizing it are the ones that require the most investment and is another reason why it is difficult to save.
We must consider that the expense required by each family member is not the same, for this reason it is better to implement strategies according to age and the services that each one obtains, for example if you have children they can implement savings tactics from things Simple as water and electricity, in this way you will also be promoting savings in them.
2. Organize expenses according to priorities
Once the family expenses have been identified, now you have to start organizing and classifying according to priorities, there are three basic categories to do so:
Here are all the articles, products, services that are essential to live. Therefore, they are the first to consider within your budget.
Expenses for a certain period
It concerns all the expenses that you make in a certain period, whether annual, quarterly or within six months. For example vacations, insurance payments, taxes, etc.
In this category fall those expenses that are destined to recreation, for example attending restaurants, movies, shopping malls.
From this classification of expenses, they can analyze and define as a family the percentage of income that they are going to allocate to each one in order to be able to save.
3. Reflect on a future investment
Another important thing after identifying your expenses, ordering them and accumulating savings, is to reflect on the possible investments you can make. For example, in your estate, be it a house or other assets such as land, a vehicle, etc.
It is advisable to make an investment in which the whole family agrees, then it is better to review all the available information so that they choose the most convenient decision, also consider that it is within their budget.
Based on these tips, it will be easier to save and invest as a family, and this habit will also be encouraged in the smallest of the home.
To keep you informed of this and other related topics, we suggest you visit our Savings section.