How to manage family finances

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 on how to manage the family economy , how to optimize your resources and how to get some extra income, pay attention to the following article from unCOMO.

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Index

  1. Tips for managing family finances
  2. Know your economy well
  3. Identify income and expenses
  4. Family budget
  5. How to get extra income

Tips for managing family finances

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 make 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

Below, we explain each of these steps in detail.

Know your economy well

Although it seems a banal rule, it is very important to analyze your economy well before starting to manage your capital. For 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 is and your fixed and variable expenses . Depending on all this, you will be able to limit or stretch your margin of spending and savings month by month, to properly manage your finances.

To identify your income, you should look at everything you receive monthly. Payroll, a pension or a rent are some of the fixed incomes that you can receive each month. You can also have variable income , coming 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 whenever you play responsibly.

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

Analyze what you invest your money every month, from the moment you make the purchase, to what you dedicate to leisure. Recording 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.

You may also be interested in this other article on How to save on household bills.

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 can 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 must reduce expenses or increase income, which you can do through other activities such as investing in online bookmakers responsibly, such as and as we mentioned before.

Reflecting on your needs and the resources you have is essential to carry out a good management of the family economy. Is everything you buy or everything you invest money necessary? Do not you get the numbers to cover everything you need month by month? What purchases are part of a need or an impulse?

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

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

How to get extra income

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

There are numerous online bookmakers that make it easier for you to enter that extra money that can help you manage your family finances. But for you to invest money properly, you must know your economy thoroughly, 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 bet and security guarantees). If you want to be part of a network of online betting houses, remember not to put your economy at risk . Playing responsibly, reasonably and correctly will help you achieve that extra income that will complement your budget.

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