How Couples Can Spend Money Without going Broke Financially.

Making 💰 money is a very difficult task, but spending it, is the easiest thing anyone can do. As a family on low income, whose basic needs may be more than the amount you earn or make daily, weekly or monthly, it's important you adopt a money spending strategy that'll not make you always go broke or financially 🏦 bankrupt.

Money is one of the most difficult thing to make or get in life, but very easy to quickly dispense of. And any money expended whether rightly or wrongly, can never be regained or gotten back. It's basically for this reason that you'd want to be extremely careful how you spend your money, in order not to get yourself indebted or into unnecessary financial crisis and difficulty.

I've seen people who went from being millionaires and even billionaires to financial bankruptcy. A recent report from Forbes, shows how a banking tycoon went from billionaire to bankruptcy. It's isn't about how much you have, but more about how you're spending the amount you've got.

In today's post, we want to consider 4 key strategies you could use in managing and spending your money without going broke or bankrupt.

4 Tips To Spending Money Without Going Broke As A Family:

There are four basic strategies I often use in spending and efficiently managing my money. These strategies had really helped me to be a better money manager, and I have never gone broke or bankrupt ever since I started using them. Not only do I gradually buy or acquire everything I need, but it has also enabled me to save for the rainy days. Let's get started looking at these strategies, and I believe they'll help you to manage and spend your money without being financially broke.

1. Plan Your Expenses Ahead of Time:

Before any money I'm expecting comes, the first thing I do is to pick a pen and paper to write out my basic needs. My needs may be numerous, I'd list down all of them in order of priority. Depending on the amount I'm expecting, I'll just pick out one or two out of the list. The next thing I do, will be to find out the current market value of those products or things I want to get, then attach the price to each of them. The moment the money I'm expecting comes in, I don't hesitate, I just go straight to getting those things, and have that need met or sought out.

Planning my expenses ahead of time is one of the strategies that has helped me to efficiently manage and spend money without regretting or getting broke. With this strategy, I've been able to gradually have everything I needed, and still remain financially afloat. 

As a family on a low-income, financial planning or planning your expenses ahead of time before the money you're expecting arrives is one effective strategy you must adopt if you really want to meet all your basic needs and still retain your financial capability and freedom.

The downside or negative effect of not planning your expenses before the money you're expecting comes, is that the tendency towards misappropriation or spending the money on things that are not worth it, will often be there, and you may not be able to control it immediately. But if you had an expenses plan, you'll be up to 90 percent sure of applying that money to those basic needs you've enumerated.

2. Prudent Spending:

As a family man with two kids and a wife, I don't buy everything I see or want. Even if I had to spend on anything, it must be a basic need that'll benefit or add value to my life and that of my family. If it's what my eyes desires or wants, but it's of less necessity, I'll not go for it. I'd rather choose to keep the money for important needs which I may not have at the moment.

One habit that has enabled me to do this perfectly, is that I always budget for every thing I spend money on, ahead of time. And if peradventure such item isn't on my priority list as a need, I can never spend on it. This strategy has also really helped me to be prudent in my spending, and remain financially prepared and afloat for the rainy days. I don't like borrowing, hence the need for me to be very prudent with my finances.

In family financing, it's important that couples must learn to be financially prudent and spend wisely, especially when they're on a low budget or income. It's isn't the time to start buying everything you want or desire. You need get your priorities right from the beginning, even before you have the money. 

The guiding principle here should be to spend on basic or primary needs, and not on wants or secondary needs that you can actually do without, or will have no adverse impact on your life or that of your family. It isn't a time to be extravagant in spending or trying to please anybody. It's rather a time to be more circumspect in how spend money. Because spending money is very easy, but making it, is very difficult.

3. Having An Emergency Plan:

I've always told people especially couples with kids, to always prepare for unforseen eventualities and emergencies. This is necessary because nobody knows exactly what tomorrow holds for them. As at the time you were making your budget, you never envisaged running into a state of emergency, but it doesn't mean such situations may not happen. If it does not, good for you. But what if it does happen, and you've not prepared for it, what then happens? This is a question you must ask, and answer yourself.

The importance of preparing for unforseen eventualities or emergencies cannot be overemphasized. It's basically for this reason that brands, companies and big business owners, even sound and efficient project managers do have a contingency plan that'll serve as a buffer should they encounter any unforeseen circumstances in the course of running their business.

As couples running your family on a very low income, you need to live your financial life on a trapatite arrangement. Which are: basic family needs, emergency plan and savings. It could be on ratio of 70:20:10 or 80:10:10 respectively based on the volume of needs in you've got in your family.

There are basically no downsides to an emergency reserve plan. If there are no emergency encountered for the period of time that fund was set aside, it's a plus for you, because the money is still yours, and it can go back to your savings or used to satisfy other needs or wants in the family. 

If there's also an emergency, you won't be running helterskelter looking for who to help you. At least you would've been doing something for yourself first, before any help could come. This is one of the best strategies I've often used to be financially independent in tackling most financial emergency situations. You can also adopt this strategy in your family financing and money management practice.

4. Have A Savings Plan:

Saving money has become a sing-song thing by almost all finance experts and bloggers. However, it's importance can never be overemphasized, particularly in these days of economic uncertainties and intermittent recessions facing majority of the countries in the world.

Saving has been part of my life right from when I was 10, and right now, it's has become a habit. For every cent I get, I don't fail to save at least 10 percent of it. I don't do without saving some money, no matter how difficult it is. This practice has really helped me to remain financially stable and afloat, even in the most difficult financial times. Therefore, as couples running your family on a low budget and income, you need to make saving part of your family finance practice, in order for you to stay financially stable and afloat at all times.

These are my little secrets and strategies that I always use to overcome financial bankruptcy and remain financially stable, no matter the financial circumstances. You can implement them also in your family financing, and you'll be surprised how financially successful you'd become, and you'll never go broke again.

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