How to manage the family economy

Manage your money family

Keeping the accounts of a household is essential both to subsist and to save. For this reason, it is essential to keep a record of income and expenses, as if it were a business, in order to see how much you spend per month and how you invest your money.

There are many methods to manage the monthly budget of your home attending to basic and extra needs. If you want to know the keys to how to manage the family economy, how to optimize your resources and how to obtain some extra income, pay attention to the following Money Investors article.

Tips for managing the family economy

Managing finances on a personal level is very important to manage your family finances. Therefore, we invite you to take note of the following tips that aim to help you in making financial decisions in the short, medium and long term, such as:

  1. Know your economy well
  2. Identify income and expenses
  3. The family budget

Next, we explain each of these steps in detail.

Know your economy well

Although it may seem like a banal rule, it is very important to analyze your economy well before starting to manage your capital. To do this, it is essential to carry out a comprehensive record of income and expenses.

You can use a notebook, a spreadsheet or a more professional management tool.

Identify income and expenses

To discover what your monthly budget is, you must know what your income and your fixed and variable expenses are. Depending on all this, you can narrow or stretch your spending and savings margin month by month, to properly manage your finances.

To identify your income, you should look at everything that you receive monthly. The payroll, a pension or a rent are some of the fixed incomes that you can receive each month. You can also have variable income, from other sources of specific income. In this sense, you should know that there are activities, such as online betting houses, that allow you to get extra money as long as you play responsibly.

In the case of identifying expenses, the work will be more complex. First of all, you must write down all those fixed monthly expenses, such as rent or mortgage, insurance, household expenses or bills, transportation expenses … Once you know what your fixed expense is, you should check what the cost is. extra expense.

Analyze how you invest your money every month, from the moment you make the purchase, to what you do for leisure. Registering everything will allow you to have a global vision of your economy. The more detailed and specific you are, the more refined your financial management can be.

Family budget

Once you know what you receive and what you invest per month, you will be able to know the balance between them, to know if the resulting balance is positive or negative. In both cases, it is interesting to generate a family budget. In it there may be various items, from covering basic needs to investing in leisure or savings.

If the balance has been positive, the management margin is wider, if it is negative, you will have to reduce expenses or increase income, which you can do through other activities such as investing in online bookmakers in a responsible way, such as and as we mentioned before.

Reflecting on your needs and the resources at your disposal is essential to carry out good management of the family economy. Is everything you buy or everything you invest money in necessary? Are the numbers not coming up to cover everything you need from month to month? What purchases are part of a need or an impulse?

By stopping to think and answer these questions, you will be able to study your needs and resources in detail and carry out a family finances management plan adapted to your circumstances.

To help you with this task, you may find it helpful to use an excel template for income and expenses.

How to get an extra income

There are multiple methods of achieving a supplement of money at the end of the month, and one of them is the bookmakers, which have become one of the most recurrent tools to obtain some extra income. And using them responsibly can be a great idea to move your money and increase your capital.

There are numerous online bookmakers that facilitate the entry of that extra money that can help you in managing your family finances. But for you to invest the money properly, you must know your finances in depth, that is, know what your monthly budget is and what are the fixed expenses to know how much money you can bet so that it does not affect the family economy, and You should also invest in the bookmaker that best suits you.

Compare the different bookmakers, their policies and their offers (welcome bonuses, value per stake and security guarantees). If you want to be part of a network of online bookmakers, remember not to put your finances at risk. Playing responsibly, in a reasonable and correct way, will help you achieve that extra income that will compliment your budget.

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