Hi friends happy, happy Thursday the weekend is almost here some of you may opt to relax or even catch up on some errands.
Today I would like to share some tips on how to manage your finances after a baby is born. With a baby comes great joy and happiness but also a baby is can be quite costly if finances are not managed well. Therefore budgeting is essential; budgeting can help you and your family take the first step towards control of your money. It can also help you avoid debt. And it lets you get on with being a family, rather than spending too much time worrying about your finances.
The key to budgeting is sticking to a basic rule – spend less than you earn.
- One way to start budgeting is to list what you earn, spend money on and owe.
- After you’ve accounted for essentials and emergencies, your aim is to have money left over to spend on things you want.
- If you can, it’s also good to put a set amount towards savings each week or month. This way you’ll have money for unexpected expenses, emergencies and long-term goals, like house repairs or renovations, family illnesses or family holidays.
- You and your spouse can discuss splitting the bills; each partner pays for certain bills. One partner pays the mortgage, while the other partner pays for groceries and car insurance
- Each week or month, try to budget a specific amount for expenses, fun, leisure and savings – and then stick to it. This is usually the hard part!
Different families handle budgeting and money management in different ways. But the general goal of budgeting to gain a greater understanding of your yearly, monthly or weekly expenses. By doing this you will have a clear idea of what you have left over; in that way you will be able to manage your wants and needs so that bad financial management is minimized and you will be on the road to making smarter financial choices.
