Having what is necessary for our children and our old age is possible if you start taking care of your finances today.
We all want to be able to offer our children what they need and a little more to cover their basic needs. Of course, we are not satisfied with it. We also want to give them education, health, food, comfort, rest and, when the time comes, also have what is necessary for us to cope with our old age with dignity and not be a burden for others. But how to achieve all this, when work is scarce and living conditions in the world are not optimal?
The experience of others who have made mistakes and suffered the consequences of bad decisions, tell us what we should not do and show us what we should do without hesitation from today on. Are you determined to achieve financial success in your life? Well go ahead! Here are these actions to take:
1. Financial success is family, never personal
If we are talking about giving what is necessary to the children, they should be included in the family meetings where goals are established, money is organized and the resources available at home are taken care of. A financial plan will not be complete if it does not include the husband and all those of age to produce or consume income.
Reread: 8 reasons to have only one bank account in marriage.
2. Live on a budget
It is not about living hanged, but about governing our money and knowing how and on what each peso is spent. Being aware of this helps us value what we have and take care of it. Children will know that whims cannot be fulfilled and that little tastes can be satisfied as long as the common good is the priority.
None of us know what will happen tomorrow. Accidents, illnesses, and unexpected deaths can do us a lot of harm if we don’t have ways to cope. In these circumstances, the economic aspect, unfortunately, may or may not be the factor that tips the balance in our favor. Saving is not optional, consider it as something that must be paid and then forget about that money. Don’t think about saving what is left over, that never happens.
Reread: Take care of daily expenses and reduce them to save.
4. Have more than one source of income
Leaving all responsibility for supporting a home and family to a single family member is almost impossible today. Earning money and knowing how to manage it is just as important and vital, as is that everyone who is of age and conditions to do so, obtain an income for themselves and to contribute to the home. Producing at home, managing assets and income, are priority aspects in a household that seeks economic success.
5. Avoid debt like you will avoid a plague
Perhaps this is one of the most difficult items we are faced with today as we are constantly invited to obtain things on credit. Decide, together with your partner, if it is really a priority to get an asset on credit or to borrow money. Do not let yourself be blinded by immediacy, because in return you are giving up your economic freedom and — almost always — to recover it, you are going through a difficult, long and hazardous road. Interest never sleeps and knows no illness, emergencies or unemployment.
Relee: A fuller life. Find out how to eliminate your debts.
All of this is possible, many have done it and today they enjoy comfortable, calm and happy lives. It just takes determination and discipline. You can achieve financial success. You and your family deserve the abundance of this world.