Money Management In The Home, 7 Hows For The Wise Only

By Cami Ezenwa

Money management in the home, the skills of effective utlisation of resources should be first in your lineup of courses or trainings this New Year.

Based on research carried out by The Eagle team in the course of putting together this writeup, it would affect how far your mega or micro earnings could go improving your total wellbeing.

Whether you desire another certificate or degree to enhance your hiring worth; the concept of money management in the home should precede all such.

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Far more important is how much of the resources that enter, you can effectively utilie. That is where the principle of money management in the home, becomes a necessity.

What is money management

It is simply the principle of allocating and utilising money, whether effectively or otherwise.

What is money management in the home?

Money management in the home is the way and manner money is allocated and spent in the home trying to meet available needs.

Without the tact or skill, those mega incomes would amount to little or nothing, because they are not well deployed. That would not be our portion this year!

Have you wondered, how, families which earn comparatively far less, appear to be far better happier, more accomplished, healthier, impactful etc? The answer is the skill of money management in the home.

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Multiple oceans of income families, sometimes think the seas and oceans won’t cease flowing, so, they just keep spending and spending. But, with a little more planning, much more accomplishments could be made of even modest incomes.

Tips on money management

Tips because it is not all that someone would need to achieve effective money management in the home or elsewhere, yet very key.

Draw up a list of needed items

Attempt a comprehensive listing of all that you need to spend on, the children or house helps etc also submitting theirs. With everyone’s input, audit the list and allocate values. Everyone may be told they can’t get all they are asking for.

Budget Basics

With the list in one hand, and all incomes on the other, come up with a budget, careful to accommodations inflationary trends especially given the Nigerian situation.

Be disciplined

This whole exercise would be a waste if you all are not going to stick to the budget.

To be safe, let the more disciplined partner in the home, handle the disbursement. I have seen families ask the eldest child to handle children’s disbursements, but with parents’ supervision. It’s both responsibility and accountability.

Avoid waste

One way of ensuring that your scheme of money management in the home works, is to avoid waste. Children for example, may ask for more than they need per time. Some kids just need just reassurance they would get more once done with the “small portion” they are given.

Check sentiments

Sentimental spending or tastes should be totally avoided. If need be, let “fantasy” be a sub item in your budgeting; it will help.

Don’t copy others

IF you have the tendency of copying other families or couples, who obviously are operating on a different income level, budget and family goal, you obviously miss it.