5 mistakes you should avoid in family financial planning

 Some tips that will make your financial life as a family much smoother

 Having control over your finances is a challenge for anyone, and it doesn't get any easier when you have a family. School fees, clothes, bills that don't stop. Financial planning is extremely important, but there are some mistakes that are difficult to avoid.

 With that in mind, we bring you a list of 6 mistakes you should avoid at all costs.

 1. Consume on impulse

 Often we want to please a loved one with a gift, or we see an advertisement for a new product and want to buy it right away. And giving a gift sporadically or buying something you need is not wrong, but these expenses are often high, and doing it without planning, just carried away by the emotion of the moment, can compromise your financial life for a while.

 2. Not recording your movements

 To have a well-organized financial life, it is essential to have a control of expenses and earnings, but it is not possible to have this control without writing down everything you spend.

 People tend to think that writing down in a notebook is silly, or that they will remember it off the top of their heads, but when expenses are left free, especially those that seem smaller, things tend to accumulate and the situation is very compromised.

 3. Spend more than you earn

 This is a very basic error, but it happens and happens a lot more than you might think. When you spend more than you get, you always end up with no money at the end of the month, or having to borrow. And while that sounds harmless, doing it over and over again gets you into debt, debt piles up, and it gets very difficult to get back on.

 4. Commit the entire salary before receiving it

 A mistake that people make but hardly realize, committing to pay before you even get paid tends to be very harmful. Purchases on installments are generally the expenses that most influence this. Working with your financial life this way is harmful because you decrease the chances of planning your budget correctly. In addition, acting in this way favors impulsiveness with your money, generating messy finances and not very beneficial for your goals.

 5. Not thinking about the future

 Thinking about your finances only momentarily is a mistake that is also very common and can hurt you a lot. The problem with not planning for the future is that when an unexpected situation arises or it's time for retirement, you don't have the resources to face those moments. That's why it's essential to have an emergency fund and a retirement plan.

  

Posted by: John Labunski Dallas