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5 Tips to Improve Your Household Finances in 2017

improve household financesHousehold finance is not just about daily money management; it is much more. It is also less attractive than other high-flying financial managements available, which is because of the fact that most of it is common sense. It involves the things that we already know but often fail to put in practice. Poor household financial management is one of the major financial problems most families face these days.

If you want to secure your family’s financial well-being, regular assessment of your household finances is extremely important. Following are 5 tips to improve your household finances in 2017:

1. Credit Card Use

If you have a credit card, use it. However, remember to first pay your outstanding balance, before its due. You should use your credit card wisely. If you have more than one high interest card, it is recommended that you switch to low rate balance transfer card or 0% balance transfer card (if possible) in order to reduce your monthly repayments by saving money on interest. Also make sure to check interest rate on life of balance transfer cards as well as the transfer fees on 0% cards.

2. Look for Cheaper Services

The cost of certain household expenses (e.g. energy bills) has risen drastically over the last few years. So, it is worth taking the time to compare prices of these services and switch your providers so you can save some money. While the price difference on these services may not seem much but with the passage of time, every bit you save will add up and is well worth it in the long-run.

3. Make Cutbacks

When going through your outgoing expenses, you will surely find some places where you can make cutbacks. If you can make cutbacks on things such as spending money on entertainment, clothes, memberships and subscriptions, etc., it could save you some money every month.

4. Keep a File of Your Financial Statements

Have a ledger or notebook and list down your finances. And if you have a computer, it is even better. Organize your statements and physical bills by putting everything into a spreadsheet. Keeping track of your financial statements is extremely helpful.

Following are some tips that will help you organize your financial statements effectively:
• Get soft copies of statements and bills (if possible) in order to save time from entering data
• Back-up all your files, and save them into a thumb drive or other backup drive. Then keep them in a safe place

5. Make it a Routine

When a task is not done regularly, it piles up. Therefore, it is recommended that you give at least half an hour every week to analyze your household finances.

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