Tips for managing your family finances

Below are 4 tips for managing your family finances that can help you reduce some financial stress in the long run. They’re simple, but sometimes applying the simplest changes to your lifestyle can make a large and positive difference to your financial situation.
1. Spend less than you earn.

At the risk of sounding like Captain Obvious, to get ahead financially you must spend less than you earn.

With the advent of credit cards, lines of credit and interest-free store loans, it’s never been easier to spend money that you haven’t yet earned. That’s why I’m a fan of the old lay-by system that is virtually obsolete these days. It seems like something from the dark ages; you put down a deposit on an item, pay off installments until it’s fully paid and then take home your goods. One tell-tale sign that you are spending more than you earn is that you’re not able to pay your credit card in full at the end of the month. Or, even worse, if you have to redraw money from the mortgage to cover monthly bills.
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