How to manage the family economy

Keeping the accounts of a home is basic both to subsist and to save. Therefore, it is essential to keep a record of income and expenses, as if it were a company, in order to see how much you spend per month and in what you invest your money.

There are many methods to manage the monthly budget of your home attending to basic and extra needs. If you want to know the keys on how to manage the family economy, how to optimize your resources and how to obtain some extra income, pay attention to the following article from.

Tips for managing the family economy

Managing finances on a personal level is very important to manage your family economy. Therefore, we invite you to take note of the following tips that aim to help you in making short, medium and long term financial decisions, such as:

  1. Know your economy well
  2. Identify income and expenses
  3. The family budget

Below, we explain in detail each of these steps.

Know your economy well

Although it seems a banal rule, it is very important to analyze your economy well before starting to manage your capital. For this, it is essential to carry out a comprehensive record of income and expenses .

You can use a notebook, a spreadsheet or a more professional management tool.

Identify income and expenses

To find out what your monthly budget is, you must know what your income is and your fixed and variable expenses . Depending on all this, you can limit or stretch your margin of spending and savings month by month, to properly manage your finances.

To identify your income, you should look at everything you perceive monthly. Payroll, a pension or a rent are some of the fixed income that you can receive each month. You can also have variable income, from other sources of specific income. In this sense, you should know that there are activities, such as online betting houses, that allow you to get extra money whenever you play with responsibility.

In the case of identification of expenses, the work will be more complex. First, you must write down all those fixed monthly expenses, such as rent or mortgage, insurance, household expenses or receipts, transportation expenses ... Once you know what your fixed expenses are, you should check which is the extra expense

Analyze in what you invest your money every month, from the moment of making the purchase, to what you dedicate to leisure. Registering everything will allow you to have a global vision of your economy . The more detailed and specific you are, the more refined the management of your finances can be.

You may also be interested in this other article on How to save on household bills.

Family budget

Once you know what you perceive and what you invest in the month, you can know the balance between them, to know if the resulting balance is positive or negative. In both cases it is interesting to generate a family budget . In it there can be various items, from covering basic needs, to investing in leisure or savings.

If the balance has been positive, the margin of management is wider, if it is negative, you should reduce expenses or increase revenues, which you can do through other activities such as investing in online sportsbooks in a responsible manner, such and as we mentioned before.

Reflecting on your needs and the resources available to you is essential to bring good management of the family economy. Do you need everything you buy or everything that you invest money? Do not you get the numbers to cover everything you need every month? What purchases are part of a need or an impulse?

By stopping to think and answering these questions you will be able to study in detail your needs and your resources and carry out a management plan for the family economy adapted to your circumstances.

To help you with this task, you may find it useful to use an Excel Template for income and expenses, such as the one we provide here.

How to get extra income

There are multiple methods of achieving a cash complement at the end of the month, and one of them is betting houses, which have become one of the most recurrent tools to obtain some extra income. And using them responsibly can be an optimal idea to move your money and increase your capital.

There are numerous online betting houses that facilitate the entry of that extra money that can help you in the management of your family economy. But for you to invest the money properly, you must know your economy thoroughly, that is, know what your monthly budget is and what are the fixed expenses to know how much money you can bet so that it does not affect the family economy, and You must also invest in the betting house that best suits you.

Compare the different betting houses, their policies and their offers (welcome bonuses, value per bet and security guarantees). If you want to be part of a network of online sportsbooks, remember not to put your economy at risk . Playing responsibly, in a reasonable and correct manner, will help you achieve that extra income that will complement your budget.

However, in addition to these tips on how to manage the family economy, you may also be interested in this other article on How to earn extra money from home.