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Taking care of household finances can be taxing, especially if you have a big family. Don’t worry, there is no need to stress with proper planning and budgeting.
BSc. Econ, BCom, MBus
Authorised Representatives of Millennium Three Pty Ltd
ABN 61 094 529 987
AFSL 244252
Here are some tips to help you effectively help minimise your household expenses.
Sitting down as a family and figuring out how much money is coming in and going out may help you gauge the state of your family’s finances. A clear picture of your household income and expenses could set you up to manage your cashflow better.
Keeping expenses under control can be tough in a large household. But if you’re spending as much as or more than you’re earning, you might want to consider limiting your family’s discretionary costs by buying only what you can afford. Ask us about our cash flow app that keeps track of what you spend – for as little as $5 a month.
Setting financial goals as a family may help you work towards future aspirations instead of simply meeting current expenses. Whether it’s buying a bigger house or going on a dream holiday, having a financial goal may help your family set priorities and stay on track financially.
Keeping track of spending may help you to better manage your family’s finances. By working with a professional financial adviser, you could create a budget that factors in not only income and expenses, but also your financial obligations.
Unplanned expenses such as unforeseen medical bills can put a dent in family finances. By growing your emergency fund to cover six months’ worth of expenses, you may be better positioned to handle unexpected events.
While it’s easy to neglect your own financial future when providing for your family, saving for retirement should not take second place. Keep in mind that the earlier you start saving, the better chance you have to grow a sufficient nest egg.
Managing finances for a big family need not be a painful exercise. By working alongside a financial adviser to keep track of your spending, and discussing money matters and setting financial goals as a family, handling household finances is a task you can achieve. Book a complimentary consultation with us today. We’re more than happy to answer any questions you have.
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Perspective Wealth Management Pty Ltd
ACN 639 529 749
Trading as Luck Financial Group is a corporate authorised representative of Millennium3 Financial Services Pty Ltd
ABN 61 094 529 987 – AFSL 244 252
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