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Why have a financial control and planning spreadsheet? Leave a comment

Any kind of family planning is an important step in organizing family life, and financial planning is no different. Sustaining a home without unnecessary expenses and keeping expenses under financial control is a challenge for many people.

Planning for the children needs to be included in the family planning, so the children’s expenses can also be controlled. In addition, financial planning and savings can be a return for the little ones in the future.

Write down all expenses:

Having a financial control spreadsheet is a good way to start family financial planning. Take note of all expenses, either in a notebook or in a file on the computer, including rent, bills, installments, gasoline, and any other expense, even the smallest ones, like the change for the kids’ snacks or the coffee at the bakery.

Also have on hand the sum of all family income, salaries, pensions, retirement and any other source of fixed income. It is necessary to combine the earnings in order to be able to divide the expenses.
Learn to save and save

Start cutting back or reducing unnecessary or excessive spending. It can be difficult to identify them at first, but nothing that a little attention to the financial control spreadsheet won’t solve. Here are some examples:

  • Avoid excesses when shopping at the market, asking yourself if everything being put in the cart is really necessary.
  • If family outings on the weekends are getting too expensive, swap lunch at the mall and the movies for a picnic in the park and bike rides.
  • Instead of giving the kids money to buy snacks at the school cafeteria, it may be more economical to bring fruit and cookies from home. The same goes for adults who go out to eat at lunch: preparing meals and taking them to work is a cost-effective alternative.
  • Encourage everyone in the house to save on electricity, water, and telephone bills. In addition to lowering bills at the end of the month, it is a healthy measure for the environment.

The children’s planning is very important at this time. It is necessary that they understand that reducing expenses is a task for the whole family, and that if the personal financial control works well they will also benefit.

Save up for that dreamed-of family trip, for buying a car or home, or even for when the children are in college. Family planning is an effort that can bring rewards for everyone.

Have a reserve for emergencies

In addition to savings, family financial planning cannot fail to include a fund for emergencies and unforeseen events.

The need to buy medicine, school supplies, a rent increase, and other unforeseen events can always happen, and it is necessary to be prepared for them. One tip from economists is to set aside 10 to 15% of the family’s gross income for these unforeseen events.

In short, family planning is an essential measure to organize the family’s expenses, save and cut costs, so that everyone can enjoy the good use of their finances, reaching goals or fulfilling dreams whose costs were previously unfeasible.

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