Managing the available money to meet everyday family expenses, bills, and saving for the future can be quite hard as a family man with responsibilities. But it's even harder for a man to increase his finances with all these responsibilities. Hence, this article provides strategies that can help you not only to manage and control your money but also to increase it, which help you to avoid stress, feel more secure, and give you confidence in making decisions in your family.
1. Spend less than you earn. This is one of the most important things in managing and growing your finances. It helps you to spend within your earning capacities and prevent you from owing. It also allows you to have some money left to save.
2. Write out your personal daily, monthly, and quarterly expenses such as car, health, transport, tuition, internet, and others. This will help you to identify your needs and wants and help your decision-making process on whether you want to adjust your expenses.
3. Create a daily or monthly family budget on foods, transport, electricity, medical service, and housing. This will help you to control your money, spend wisely(only on the things that you need), avoid debts, and reduce the time wasted on worrying about your finances.
4. Read books about financial management. Reading as many books as you can about financial management can help you get out of debt and boost your savings and also positively change your approach to managing money. It can also help you to set up a good financial plan.
5. Have more than one source of income. More income source tends to help you to save more, increase your financial stability and also prepare you against any financial problem that may arise from one of your sources of income.
6. Get insured. Having the right amount of insurance can protect finances from any catastrophe that may arise. Examples of these insurances include health insurance, life insurance, car and house insurance and others.
7. Stop eating out. Besides saving your money, as a family man, it's important to eat your wife's meal even if you have to take breakfast and lunch to work.
8. Invest your money wisely. Making prudent investments and not investments that promise a high return can help to increase your finance and savings for the future.
Above all, limit debt, manage debt and pay off debts. We also recommend that you have a financial adviser that will guide and double-check your calculations before working with them.
