set aside money for unforeseen expenses – for example, if your car breaks down and needs repairs.save money for your family’s future – for example, preparing for another child, buying a house or investing.save money for the things you like but can live without – these are your wants.
spend your money wisely on the things you must have – these are your needs.That’s because a family budget helps you: A family budget: why it’s a good ideaĪ family budget is essential to managing your money. And involving children in planning and budgeting can make it easier to achieve savings goals together. Honest conversations with your partner, if you have one, can help to reduce conflict about money. It lets you enjoy family life, rather than worrying about your finances.Ĭommunication in your family plays an important role in managing money well. Money management can put you in control of your money, which helps you reduce stress and feel more secure.
Basic money management is about meeting your family’s everyday expenses, handling unexpected bills and saving for the future.
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