Family Finance - Money

It’s still not too late, however, to reset the trajectory on your family’s finances, experts note. While 40% to 50% of us make New Year’s resolutions on January 1—a ritual that has existed since ancient times—approximately 60% to 80% of us have already broken them by the end of February, according to researchers.

1. Build a Budget
If you haven’t already done so, create a realistic budget.
Approximately 85% of your income should be set aside for necessities like housing, food, health care and clothing, according to the professionals at VISA USA.
This leaves 15% for entertainment—and something many consumers completely neglect: savings.

2. Distinguish “Needs” from “Wants”
Make sure you have a clear understanding of what you need in life versus what you want in life. You need to pay for the antibiotics when the doctor diagnoses a respiratory infection. You don’t need to buy the latest movie released on DVD to aid in your recovery. You need to pay the rent or mortgage. You don’t need to buy the lovely accent pillows that beckon to you from the interior design boutique.

Always separate the needs from the wants—particularly if money is tight.

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