how to manage household finances properly and correctly

illustration of financial

tips for managing family finances well and regularly

 Discussing finances is always an important and sensitive discussion, especially when it concerns family and household finances.

  The way you manage your finances is important for your family to survive.

  Managing finances has a huge impact on children's growth and development, meeting the family's basic needs, and providing a sense of security.

   Even if a family has many plans for the future, managing household finances is still needed in the long term.

  Because planning for the future definitely requires savings and protection to make these dreams come true.

  This financial protection will also come in handy if your family experiences an emergency in the future.

  Therefore, routine household financial management needs to be done well.

  Financial management must also be integrated between husband and wife, so that the goals of the entire family can be achieved.

  How to manage family finances well and regularly. There are several ways to maintain family finances so that they do not exceed the budget.

  Here we will introduce some of them.

  1. Set limits on every expense.

  Expenditures vary from one household to another.

  Usually, these costs are determined by each family's individual needs, the family's desires, the family's plans and dreams, and the family's lifestyle.

  However, it is important to ensure that your monthly household expenses do not exceed your monthly income.

  Create a specific budget, keeping your financial income in mind.

  2. Keep detailed records. In just one day, you will definitely carry out various financial transactions, such as shopping at the mini market and topping up your electricity tokens.

  In everyday transactions, the nominal amount spent is usually not too large.

  These small amounts of money are often forgotten and not recorded.

  In fact, expenses are expenses, whatever their nominal value.

  Therefore, make sure to keep detailed financial records on every expense.

  It's even better to keep transaction records to make documentation easier.

  This method not only helps you track your expenses, but also helps you estimate future household expenses.

  3. Create separate accounts for savings and business.

  This method of managing the household budget needs to be practiced.

  Never touch the money saved in your savings account and allocate some money to your family's operational account.

  By separating savings and expenses, you can save more with discipline.

  4. Set aside emergency funds.

  Savings are necessary for long-term profits.

  Usually used to fulfill future plans or other needs whose timing is unpredictable.

  You should also save for an emergency fund.

  This emergency fund is especially needed when an emergency occurs, for example your child becomes suddenly ill or a natural disaster occurs.

  5. Prepare a protection fund. Apart from monitoring household finances, managing household expenses, and preparing an emergency fund, you should also prepare a fund for protection.

  This protection fund can protect you and your family in the event of illness or accident.

  Available protection funds include health insurance and life insurance.

  In fact, savings and deposits can protect your family from various risks in the future.

  However, this makes it more difficult for you to save and achieve your dreams.

  use.

  For example, 100% insurance coverage consists of Tabal Funds and Cash Value Funds when a member dies, accidental death compensation is 300%, and accidental death compensation upon return is 400%, until you receive benefits in cash at the end of the period. your membership.

  Managing household finances is not easy because there are many things that must be considered.

  Hopefully this review of household financial management is useful for you.

  To ensure that your family gets maximum protection from various risks that may arise in the future, Prudential Sharia is ready to provide protection through PRUCinta Sharia Life Insurance.

  Financial management is an important skill that everyone should have.

  Additionally, as inflation rises, prices rise, and the cost of living rises, maintaining a healthy lifestyle and financial stability becomes increasingly difficult.

  Therefore, it is important to learn how to manage 1 million per month, keeping finances balanced and under control.

  For some people, 1 million per month may seem like a very small amount of money.

  However, with good financial management, you can use these millions to meet your daily needs or even invest for the future.

  How to Manage 1 Million Every Month Here's How to Manage 1 Million Every Month.

  Creating a Budget A budget is the foundation of successful financial management.

  Creating a budget helps you understand and control your income and expenses.

  Create a monthly budget and prioritize your expenses.

  Always pay for important expenses such as electricity, water and food first before allocating money for other purposes.

  Avoid Debt Debt can shake up your financial management.

  Avoid borrowing money for non-essential purposes and pay your bills on time to avoid fines and additional fees.

  If you have debt, pay off the debt with the highest interest first.

  Looking for additional income Monthly income of 1 million yen is not enough to meet additional needs and personal desires.

  Therefore, it is important to look for additional sources of income.

  Fortunately, currently there are many ways to increase your income, such as becoming an online reseller, selling services that suit your skills, or becoming a freelancer.

  Additional income from this part-time job will help you meet other household needs besides basic daily needs.

  Spend Wisely Spend Wisely is an effective way to manage your millions every month.

  Check the price of the product you want to buy and look for discounts and special offers.

  Don't buy things you don't need, only buy what you really need.

  Investing Investing is the best way to make your money work for you.

  Consider investing in mutual funds or stocks.

  It is also possible to open a securities account or deposit account.

  However, make sure to understand the risks and potential rewards before investing.

  A lifestyle that suits your wallet. With a salary of IDR 1 million, it is very difficult to meet monthly needs.

  However, this can be overcome by adopting a correct and frugal lifestyle

according to our financial situation.

  This is very important to meet basic needs and prepare for unexpected expenses in the future.

  If you are forced to pay your loan in instalments, you should carefully consider the consequences of this choice.

  You should also try to avoid credit fees that can make it difficult to pay bills and interest on each installment.

  Therefore, you need to recognize which are needs and which are desires.

  In this case, you can use the 30 day method.

  This means postponing product purchases for 30 days.

  Savings and Investment Apart from working part time, discipline in saving and investing is also important in order to meet secondary and tertiary needs in the future.

  However, people often have difficulty finding savings and are tempted to spend their money in the short term.

  To solve this problem, we and our partners must set a minimum monthly savings target.

  For example, you should save a minimum of IDR 50.

000 in a savings account or low-risk investment vehicle.

  Setting these goals will make it easier to monitor and manage your daily expenses and ensure that the funds allocated for your investments are available.

  Apart from having a side business, you can also optimize your income by allocating some of your funds to invest in products that are relatively safe and easy to convert into cash when needed.

  Money market mutual funds are a low-risk form of investment that is suitable for beginners.

  Nowadays, everyone has the opportunity to invest in mutual funds online using funds that are affordable, comfortable and safe.

  Create a Priority List Create a Priority List to help you manage your monthly expenses.

  Write down all your monthly expenses and sort them by priority.

  Next, decide how much money to allocate to each item.

  By making a priority list, you can avoid unnecessary expenses and make better use of your money.

  Using Financial Applications There are many financial applications that can help you manage millions every month.

  Apps like Money Lover, Financialku, and Mint can also help you monitor your monthly expenses, manage your budget, and provide suggestions for improving your finances.

  Make a long-term financial plan In addition to managing your millions of dollars every month, it is also important to make a long-term financial plan.

  You can set long-term financial goals such as: B.

  Buying a house, raising funds for children's education and retirement.

  Then decide on a strategy to achieve these goals, such as saving and investing.

  Avoid temptation.

  Avoid the temptation to buy unnecessary items or eat at expensive restaurants.

  When you're tempted to spend money on unnecessary things, keep your long-term financial goals in mind and focus on your monthly budget.

  Conclusion When managing a million in a month, the most important thing is consistency.

  If you follow these steps consistently every month, you will see positive changes in your financial management.

  Don't forget to measure and evaluate your progress every month and make the necessary changes to achieve your financial goals.

  If you follow the tips above, you will successfully manage your monthly 1 million and achieve financial stability.

  Always remember to allocate your money wisely and avoid unnecessary debt.

  Don't forget to save and invest for your future.

  Good luck!

  How to manage household finances with a salary of 2 million yen

1. Effective salary allocation

2. Prioritize expenditure items

3. Make a shopping list

5. Record all expenses

6.Assess your expenses

7.Get benefits from attractive promotions

8.Find a part-time job

9.Save and invest consistently

If only the head of the household has income, then he needs to manage household finances better, because the prices of daily necessities tend to increase.

  Let's help couples work together to best manage their finances.

  

illustration

How to manage household finances with a salary of 2 million yen 

1. Effective salary distribution First, your partner needs to know the financial situation of you and your partner.

  This makes it easier for you to allocate your monthly salary to meet all household needs.

  In this case, the salary distribution method can be 80/20, or 80/20.

  This method is the key to getting used to managing finances in a disciplined manner.

  Married couples should also maintain good communication in determining the distribution of monthly salaries.

  For example, you earn IDR 2 million in income and use it for basic needs such as food, personal hygiene products, utilities, as well as credit and loan bills (if any).

  Then your partner, who also earns IDR 1 million, will also pay for transportation, children's education and other necessary costs.

  To offer a million salary, you can: However, you and your partner must allocate 20% of your income or IDR 400.

000,- for savings and investment.

  2. Priority of Expenditure Posts In managing the household budget, husband and wife should determine priority expenditure items and work together to manage the household budget every month.

  Families with one child can prioritize spending on basic needs and the child's education.

  If the source of household income is only the head of the household, then the couple must prioritize additional expenditure items.

  If your salary is 2 million, it is best to set aside secondary needs and optimize your income to cover food, transportation, utilities, etc.

  However, you should also consider having an emergency fund in case something unexpected happens in the future.

  Making a prioritized expense list will help you see if your monthly salary can cover your monthly salary.

  3. Make a monthly shopping list. You should make a monthly shopping list to avoid spending more than your monthly income every time you shop.

  This makes it easy to shop based on your spending priorities.

  In this case, you will only spend money to buy important items on your monthly shopping list to avoid unnecessary expenses outside of your planned shopping plan.

  Ideally, you should avoid or reduce your use of credit.

  If you have to use a credit card, you should choose installments with lower interest rates and pay loan installments on time to avoid fines.

  Avoiding credit cards is one way to reduce triggers for wasteful behavior.

  4. Distinguish between needs and wants When shopping, you need to make sure that what you buy is a need and not a want.

  You can use the 30 day method, where you try to postpone purchasing a product for 30 days.

  If you don't need the item anymore after 30 days, that's what you want.

  This makes it easier for you to only buy the basics and make the most of your small salary.

  5. Record all your expenses. You and your partner can record all your income and expenses every month to best manage your small salary.

  This journaling activity will help you and your partner become more open about finances and understand each other's financial situation in your household.

  These notes are also a way to align your expenses with your monthly shopping list.

  6. Carry out a cost evaluation.

  Expense records are essential for evaluating monthly expenses.

  If your evaluation shows that you are spending more than you earn, you should review your monthly shopping list and reduce less important expenses.Thus, a salary of 2 million yen is enough to meet the basic needs of a household.

  Apart from that, you can also try other options to meet all your household needs.

  7. Take advantage of attractive promotions When shopping, you can also benefit from attractive promotions in the form of discounts and shopping coupons that allow you to buy basic necessities at affordable prices.

  Currently, many supermarkets and online shopping applications provide attractive offers to help you save every month.

  Apart from that, shopping using the e-wallet payment method often also offers attractive discounts.

  8. Look for a part-time job How to make ends meet with a salary of 2 million yen Next, let's look for a part-time job to earn extra income.

  A salary of 2 million is usually enough to meet basic needs.

  This allows you to meet extra needs and even entertainment needs with your part-time salary.

  Now everyone has the opportunity to open their own business or become a freelancer and work part time online.

  There are many sites today that offer profitable freelance work opportunities.

  Apart from that, you can start your own business without capital or affordably as a reseller or dropshipper.

  9. Sustainable Saving and Investment Saving and investing activities are the key to optimizing your monthly salary.

  This allows you to fulfill secondary needs and other entertainment needs.

  Couples also need to prepare emergency funds for the future.

  If you need money urgently, you don't need to rely on loans because your emergency funds are stored in a special account.

  Currently, many people allocate their emergency funds to low-risk investment vehicles with guaranteed liquidity to optimize their savings.

  Investment products with low risk and an easy withdrawal process include mutual funds.

  Beginners can also start investing in money market mutual fund products.

  Now, anyone can start investing easily, safely and practically with just one application.

  In fact, people from various circles can invest in mutual funds starting from IDR 10.

000.

  The Tanduit application also allows you to invest in mutual funds with affordable funds in a simple, practical and safe manner.

  Summary When running a household with a salary of 2 million yen, consistent management of the household budget is necessary.

  If you have other sources of income, you can optimize them well.

  One option is investment.

  This allows you to earn passive income from the results of your chosen investment vehicle.

You can start investing with affordable funds.

  The Tanamduit application allows you to invest in mutual funds and gold starting from IDR 10.

000.

  The Tanduit application is an application providing investment services for Mutual Funds, Gold and Government Securities (SBN) and is registered and supervised by the OJK.

  Now your dreams can come true with the Dream Plant feature in the Tanamduit application.

  Planting Dreams is a feature that helps investors, especially beginners, achieve their future financial goals, starting from financing a wedding, paying for children's education, paying a down payment on a house, buying a car, and many more.

  Depending on your desires and financial possibilities, you can decide on the budget target you want to save and the time required to achieve it.

  Apart from that, the Dream Planting feature also provides:

1.Budgeting tips for various financial goals

2.Top 3 best performing mutual funds in Tanamduit

3. Automatic periodic investment reminders

4. Monitor your dream progress (on/off orbit)