It’s never too late to get ahead of the game, especially when it comes to money-related errors which could cost you and your family.
From not being adequately prepared to over-stressing about minute matters, finance can be a hassle to manage. This is especially so when you have your children’s future and well-being in mind. It’s best to start early and develop a thorough plan for every aspect of your family’s projected expenditure and needs. Here are some common money-related faux pas made by families and tips on how you can better manage your finances.
Choosing card over cash
The convenience of being able to swipe your credit card instead of constantly visiting an ATM or be bogged down by dozens of coins and crumpled notes is pretty obvious. However, paying with cash actually helps to keep the pain of paying at the back of your mind, preventing you from only thinking about the immediate benefits of your purchase. On the other hand, when you use your card to pay for purchases, you’re essentially spending money which you haven’t even obtained yet. This leads to overspending and accumulating unnecessary interest on top of your expenses.
How should finances be managed?
This story is from the Issue 67 edition of Parents World.
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This story is from the Issue 67 edition of Parents World.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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