The best way to manage money in family

Hi, When i joined My lot, i too posted a similar discussion and you may refer it. http://www.mylot.com/w/discussions/2566814.aspx However, it is always good to work/ spend as per the budget. Take care to spend in such a way that you have something left in your hand as 'savings' for the hard times. have a nice time.

Unfortunately, I'm still single now. I eran money myself and spend it myself. maybe I can just imagine that some day I will have the same probleme as yours. but I think give the management to one of you is a best way to manage money. the one can not be the one who spend money easily, then you won't have lots of money.

My principle in my family is not to spend more than we can afford. To do this I make a calculation each month: I make two column, one for the money that comes in (income) and one for the money that comes out (payments). Then I see what remains to manage for food, clothes and others for the everyday life. If it doesn't remain enough, I reduce spending on not necessary stuff that month and try next month to reduce the sum representing payments. For example, telephone bill or other bills that are possible to reduce.

I think it is a great idea to set up a monthly budget. And decide what money should go where and how much. This will help a great deal for your family. This way everyone stays in that budget. If you stick with that it will help a great deal. For large purchases it's important that you both discuss it and decide if such things are needed. Hope you and your family do well with your budgeting.

I think you should make priority table based on how important they are..., If something not necessary needed you shouldn't buy it maybe you have to wait until some moment or when you have surplus income. beside that you can also add more income with open a new business or work online, try to talk about it with your couple...,

i think the best way to spend money in family is consider for every what will you buy for a month. and don't forget, don't ever buy anything that you never need. i think that's all. i hope can help you a little bit.

First of all, find what is your monthly total income and what is your monthly total expenditure (approximate). Suppose if you both earn 100 in a month, this is your total for the month and what all are the fixed expenditure like food, bills, and urgent and emergencies. If you find food, bills, medicine, etc 60 and an added 15 is spending for your monthly expenditure. And the remaining 25 can for yoru saving. It may not work properly within a period of short time. But if you both plan the things with a priority basis by avoiding and cut shorting unwanted expenditure like outside food, theateres and cinemas, extra vegances like high-post living etc can be avoided. Try to always manage an equilibrium with yoru income & expenditure. Keep a small amount as fixed reserve for your emergencies. Keep an small amount for insurance, small (but fixed) amount for deposits (fixed/cumilative) which will increase your earning and saving habit also. An understanding between you both is an essential part and the important part is that find out which is the most urgent and required things and list out all in the first week of the month and spend on a planned manner. I am sure that you can slowly achieve your targets and manage the same in the wide way after some time. Regards Thank-s

Just read a saying says "Looking for money is like digging using a needle, but spending it is like pouring water on sand", this explains how hard it is to earn money while spending it is quite easy, specially when some don't know how to manage his funds well. I guess starting a family you need to have a particular method in managing finances based on your income. And I guess you both need to talk with each other on what ever finances you have to decide.

frugal, and not usa spend your money on things that are less important.