Family Economics And Consumer Education 3 (2+1)

Lesson 01 : Meaning and Scope of Family Finance Management

Guidelines for family financial management

1. Identify and sets family financial goals clearly to facilitate financial management
2. Calculate the probable total monetary gain from all sources accurately.
3. Always follow the management process (planning, organising, controlling and evaluating) and utilize feedback to improve financial management.
4. Always pay the installments on time to avoid interest.
5. Investigate saving on spending as a rupee saved is a rupee earned.
6. Convert your creativity into marketable form with your personal experience to support financial management.
7. Always use best possible combination of resources with monetary ones to attain the desired out come.
8. Get out of debt and discourage credit purchases.
9. Lower your taxes by choosing the right filing status, current tax rules on claiming dependents, using child tax credit and taking advantage of child care and dependent care expenses etc.
10. Plan for financial emergencies.
11. Control spending on food
12. Plan budget for travel.
13. Be financially responsible and distribute the responsibilities pertaining to financial management among all the family members including growing children.
14. Develop the art of saying NO