When you have a family, financial management becomes increasingly important. Sure, everyone should be as financially stable as they can possibly be. But when you bring kids into the equation, financial mismanagement or severe debt can significantly impact their lifestyle. So, what can you do to manage your family’s money as best possible? Here are a few areas of focus that can help you to achieve your goals!

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No matter who you are and no matter how much money you may bring home from your work, it’s absolutely essential that you create a budget. Once you’ve created your budget, you need to make sure that you live your life according to it. This will allow you to fully understand how much you earn, how much of that money you get to take home, how much you need to fork out for bills and other essential payments and how much is left over for you to freely spend. There are countless ways to create a budget, ranging from doing it yourself to using budgeting software to using the services of a financial advisor. The simplest approach is to generally work out your income after tax and national insurance, deduct your household bills (such as mortgage or rent payments, energy payments and other essential payments) and figure out how much is left over for your disposable income. By sticking to your budget, you can avoid overspending and sinking into debt.

Use Financial Services Responsibly

You’re likely to be offered various financial products and services. At time, you may find that you need to use them. Common options include financing, credit cards and loans. While it is okay to engage with these things – and, handled correctly, this can actually boost your credit score – you need to make sure that you use the service responsibly. Whether you take out a store card or look into hdb bank loans, you need to be sure that you can afford to pay the full sum, including added interest, back as agreed. Missing payments or defaulting on payments can negatively impact your credit score and even end in CCJs, repossessions and other issues.

Preparing for Unforeseen Circumstances

Of course, we don’t like to be negative and always try to be optimistic. But there may be times in your future where unforeseen circumstances can significantly impact your family’s finances, and it’s best to prepare for them. It’s always better to have the money put aside and to not need it than to need money and not have it.


Having savings ensures you have something to fall back on if you suddenly have to cover unexpected costs. Say your car breaks down and you need some repair work done on it. Rather than finding yourself off the road, you can dip into your savings pot and get the repairs carried out straight away. This can ensure you can get the kids to school, yourself to work or whatever else you may need your car to do. Say you lose your job. Having savings can ensure that you can still cover your rent, bills and other necessary costs until you’re able to find another suitable position. If an appliance in your kitchen breaks down, you’ll be able to replace it quickly. To create these kinds of savings, open up a savings account and dedicate a percentage of your monthly income to it. This figure will quickly rise and you’ll find yourself leading a much more confident and comfortable life.

Life Insurance

Life insurance is another good idea. While we’d like to be able to guarantee that we’ll always be around to support our families, you need to make sure that they are financially supported should the worst happen. Life insurance policies tend to have relatively low monthly premiums to pay. In return, should you pass away, your family will be given a pay out to help them while they grieve. This could be used to cover funeral costs, mortgage payments or other essentials that they may otherwise struggle to pay independently.

These are just a few different things to focus on when it comes to providing your family with the best financial future possible. Each step can make all the difference and can help to secure your family in a different way. So, consider a few and see what difference they make!