10 Ways to Manage Anti-Wasteful Household Finances

When talking about households, of course, you can't escape financial problems. Because, managing household finances is not an easy thing. Of course, it needs its own way to manage the correct household finances so that all family needs can be met.

In addition, there are also many factors that affect household finances. Starting from mandatory needs that must be met to desires or consumptions that are additional in nature or entertainment. The reason is, managing household finances is not only the responsibility of one person. Whether husband or wife, both have a crucial role in managing household finances.

Besar kecilnya gaji kerapkali berpengaruh terhadap cara mengatur keuangan rumah tangga. Tak jarang bisa terhindar dari kondisi defisit keuangan. Apalagi jika pendapatan suami ataupun istri termasuk fixed income alias gaji bulanan tetap dengan kebutuhan hidup yang seringkali naik turun.

Bagi mereka yang memiliki gaji kecil, tentunya akan kesulitan menyimpan uang untuk beberapa hal, antara lain dana darurat, biaya kuliah, dana pensiun, membeli mobil, dan lain sebagainya. Tak heran sampai ada yang kehabisan uang di pertengahan bulan. Hal itu mungkin saja bisa terjadi. Penyebabnya, suami ataupun istri tak bisa mengatur gaji bulanan dengan baik dalam memenuhi kebutuhan keuangan rumah tangga.

In fact, there is no exact formula for managing household finances. Well, how to manage finances in the household properly so as not to be wasteful?

Check out the following explanation regarding how to manage household finances so as not to be wasteful.

1. Calculate All Your And Your Partner's Income

To manage household finances effectively, the way to manage household finances if the husband and wife work what needs to be done is to calculate all the income of you and your incoming spouse for one month. The income referred to here is not only from monthly salary income, but also includes incentives obtained when receiving overtime pay to profits when investing.

This is important to do so that you and your partner can divide the allocation of income you have to the needs that must be met. It is worth remembering that the first to be met are needs of a primary nature. By calculating all income, managing household finances becomes easier.

2. Create a Detailed Spending Budget

Wastefulness towards household finances tends to occur when using money to follow desires, even though desires are not necessarily the needs of you and your partner. The best way to use a small income is to create a monthly spending plan using a budget written in detail.

How to manage finances in 1 month? You can spend the money from your income and your partner according to the plan that has been prepared. When it's time to buy what you need, you and your partner already have the budget to shop. However, do not use money beyond the budget that has been prepared because the remaining money is already allocated for other needs.

3. Determine Family Financial Priorities

Next is to determine the financial priorities of the family for a month in the form of a list of priorities. This list will later help you and your partner in managing household finances effectively. By making a list of priorities, the allocation and expenditure of household funds will become neater and more organized.

Later, household expenses that are included in the priority list include daily food costs, kitchen shopping, electricity bills, water bills, work transportation costs, children's education when they have entered school age, to vehicle or house installments.

In addition to helping to manage household finances, this list of priorities will serve as a reminder that priority needs must be met first. Then, if it is still sufficient, it can be allocated for secondary and tertiary needs.

If you and your partner are still struggling to make a list of priorities, then you can start by planning a monthly budget in writing. Divide the list of expenses into two, namely: primary needs and tertiary needs.

Primary needs include food, transportation costs, electricity bills, water and telephones, mortgages, motorbikes and cars and others. As for tertiary needs, among others, budgets for shopping clothes, traveling, to hangout budgets with friends or co-workers.

Planning a grocery list here is considered very efficient because by shopping in wholesale quantities, prices will be much cheaper, so you and your partner can save more on buying food and have more savings. In addition to getting used to making a monthly spending plan budget, you also have to get used to complying with the financial budget that has been made with your partner.

4. Record All Expenses in Detail

Tips for managing and managing household finances next for how to manage household finances so as not to be wasteful, you and your partner should record financial circulation in detail in a book. Starting from income, expenses, balances, and all forms of budget. Record it in as much detail as possible because that way, finances will be well monitored.

Even easier, the recording method can be arranged in the form of a table such as accounting bookkeeping rules. If you are confused, you and your partner can look for examples on the internet. This step applies to all the amounts of your income, both as a way to manage household finances with a salary of 2 million, 3 million, 4 million, 5 million, 7 million, even above that.

5. Prepare a Financial Post for an Emergency Fund

Although it is always said that you have to save money and reduce expenses in some areas, it does not mean that you do not have an emergency fund. An emergency fund is one of the most important concepts to think about when discussing household finances.

Similar to saving, this tip prioritizes the habit of allocating special funds. Think of it for future needs or health. How to manage household finances so that you are not wasteful, you can also do this by setting aside certain funds. It doesn't have to be big, yet constant.

Do it regularly and disciplined, so that one day you will not be confused by the emergency that hits and still have funds for other needs. Basically, it is undeniable that the financial cycle will be more difficult to control when staying at home. Increased household needs will run in line with expenses. Therefore, you must strive to save, limit expenses, plan shopping needs, and be wise in allocating funds.

If you are confused and still can't apply, the method is that in addition to basic needs, set aside part of your and your partner's income every month for an emergency fund. The amount is relative, it can be 10-30 percent of the income earned every month. Keep in mind, the money that has been set aside every month is for an emergency fund that is only used at any time or in an emergency.

6. Maintain Debt Ratio, Make Sure No More Than 30% Of Income

The best way to manage household finances so as not to be extravagant is actually to avoid debt. Because bills and the obligation to pay debts can be a burden that makes household finances disrupted. However, there are also a number of factors that inevitably make you and your partner have to go into debt.

The solution, if you really have to be forced to go into debt, use it for things that are basic needs but cannot be met in the near future. For example, mortgages. Beyond that, it's best to avoid having debt.

Perlyu also knows that what must be done to manage good finances is to maintain a debt ratio. You can ensure that the obligation to pay debt bills does not exceed 30 percent of the income you have. If it is more than that, the household's finances will definitely be disrupted.

7. Separate Savings and Investment Funds

In addition to allocating income for reserve or emergency funds, you and your partner also need to allocate income for purposes outside of routine needs. For example, expenses on savings, insurance and investments. These three things are included in how to manage finances so as not to be wasteful.

These three also have many benefits. Savings, it is obviously useful for current and future purposes. The income stored in savings can be used for daily expenses or sudden needs.

As for self-insurance, it has the benefit of protecting yourself from health costs. While investments are generally used as long-term savings so that the money owned does not run out of thin air. Then what are the advantages? The profits generated from the investments that have been made can guarantee life in old age later.

In managing household finances, there are many ways that can be done to save, have insurance, and also invest. When deciding to save, you and your partner must understand which is the best place to save your money, namely the bank. Saving in a bank in addition to having several advantages also guarantees the safety of the money you have. Not only that, by saving in a bank, financial expenses can be easier to monitor and control.

In addition to credit cards, also make sure you and your partner can use paylater wisely, not for consumptive needs or using paylater because you want to shop not because of important needs. It is necessary to realize that paylater is the same as debt, you and your partner still have to pay it and try not to pay off debt late.

8. Buy Insurance Fund Protection

There are many ways to maintain health and provide it with protection or protection. One of them is to buy health insurance products. Having health insurance, you and your partner will certainly get financial protection in case of health risks.

In addition to health insurance, taking care of yourself with life protection aka life insurance also needs to be done. Some life insurance policies currently offer benefit acceleration options. Later, benefits or death guarantees can be paid while the insured is still alive.

For example, when a 50-year-old husband buys the insurance. Then you can file an insurance claim for the cost of caring for the husband when sick. Then, the insurer will reduce the death benefit by the amount of money that has been disbursed for medical expenses. Later, the remaining balance will be paid if the husband dies.

Life insurance can be used to reimburse income streams for living spouses. In addition, it provides guarantees for heirs, reimburses the value of assets, maximizes pensions, college funds for children and grandchildren, and other benefits.

Then, how to manage household finances with a minimal salary income of 1 million, but still want to prioritize insurance ownership? Of course, you can still do it. The reason is, now there are many choices of the best insurance products at affordable prices. The trick is to choose middle-class insurance so that the insurance premium bill per month remains light. That way, you can still set aside a small nominal for guaranteed health and your assets and financial condition remain protected.

9. Reduce Credit Card Usage

Shopping using a credit card is indeed very easy and all can be purchased. Credit cards can also help manage finances, if you and your partner can use them smartly. For example, using a given promo to buy the required item.

However, credit cards can also make you and your partner actually trapped in long-term debt if you use it carelessly. Studies have shown that credit cards are the easiest way to spend money, because in addition to the amount of money spent there are also interest and administration fees charged on credit cards.

If you and your partner really can't control your credit card, you should forget about credit cards, if you really want to save money. The habit of using credit cards carelessly will certainly be wasteful for you and your partner and have serious financial consequences. Don't let the household make a fuss just because of credit card debt.

10. Conduct Periodic Household Expenditure Audits

Finally, the way to manage household finances so that they are not wasteful is to evaluate household finances every month. Of course, there will be sudden needs that cannot be avoided so that there must be adjustments to family finances. For example, you have no plans to buy children school uniforms. However, there is an accidentally broken school uniform or aqueousness when the child goes to school. This may make your financial plan change.

Of course, there are many more that need to be evaluated related to family finances on a monthly, weekly, or even daily basis for households. To respond to this, you can take an emergency fund from savings or make an agreement with related parties so that costs can be suspended in the next month.
Want to get an overview of household financial management simulation? Here Qoala attaches an example of a table of managing household finances.

Then, what about managing household finances according to the teachings in Islam? The first thing that needs to be done is to make family financial priorities and manage them thrifty and simple. Although the living is the responsibility of the husband, the wife can still help the finances of the head of the family. Importantly, both need to apply the values of sakinah, mawaddah, and warahmah in order to achieve family benefit to the people.

Balance useful income and expenses. You can also be mid-spending by always keeping in mind the family's financial goals that have been made, such as goals to achieve short-term or long-term needs. After that, the way to manage household finances that you can do is to record income and make monthly and annual spending plans. To increase your income, you can also trade or trade.

Benefits of Managing Household Finances

There are many benefits that can be felt when you and your partner understand how to manage household finances so as not to be wasteful. Check out the following explanation regarding the benefits of managing finances in the household.

1. More Harmonious Relationships

When it comes to money, of course, it must be open and transparent. With the discipline of making household budgets, communication between couples will be smoother.

However, this also depends on the communication style of each partner. There are those who even though they are married have their own principles of money that are secret. But there are also those who are actually more transparent after marriage until the income they have is equally known.

At least, when couples commit to making household budgets together, automatically the husband or wife will discuss their respective views on money more often.

2. Have a Future Financial Plan

Managing finances is important in order to have a decent life and a quiet future. Especially when you have built a household. The necessities of life will continue to grow. You and your partner can start from meeting your daily needs to the needs of your children.

Also start to be disciplined in making budget lists, so that there are allocations for savings, investments, and reserve funds. No one knows what tomorrow will be like. When you have a family, you definitely want your loved ones to meet their material needs.

Finances will always be an important focus in life, although they are not the main ones. There is no difference, being single or already in pairs, managing finances is a mandatory thing to do. Any amount of money will be used up if it is used continuously without being controlled. Therefore, start the discipline to manage household finances from now on. In addition to maintained financial flows, having a financial plan for the future, also the relationship with the couple becomes more harmonious.

3. Avoid Debt

From now on you and your partner should be able to say no to debt. Because, if you owe debt only for the purchase of large assets, such as cars or houses, then household finances will fall apart. Therefore, by managing household finances, you can allocate income to save and buy the desired goods in cash. This will make you and your partner avoid debt. Because, it's better to collect money little by little in advance to be able to buy these wishes in cash. If you owe debt, you and your partner should also think about such a large interest.

4. Has Protection From Unexpected Expenses

By managing household finances, you and your partner can also allocate a small amount of income for family protection. You and your partner can protect your family's financial and health conditions by making health insurance for each family member. No need for expensive insurance, low-premium insurance or BPJS Kesehatan is also quite capable of protecting the health and finances of the family.

5. Live More Orderly and Orderly

The last benefit of how to manage household finances is as a means of controlling expenses so that life is more orderly and orderly, especially regarding things that are not a priority. When one of the couples starts to be extravagant and non-committed to the plan that has been made, then the couple can remind each other.

The reality is not easy, because it is usually very difficult to resist the desire. For example, a wife who likes to shop for shoes, even though her collection has filled one closet. In fact, if you think about it again, shoes are not the main need, but a desire that can still be postponed or bought later.

This is where the importance of the role of the couple to remind each other. Especially if you are planning your child's education costs or have plans to renovate the house. Couples should be equally aware and remind each other if all have priorities.

Keep in mind that you and your partner also need to set aside savings for emergency fund purposes as explained above. Because, you and your partner don't know when you will need the emergency fund. In general, an emergency fund is needed for urgent and unexpected needs, such as illness, accidents, and so on.

To anticipate this unexpected thing, you and your partner can join an insurance program. Later, insurance will be very helpful if you experience unwanted things. You and your spouse can join insurance programs, such as health insurance, child education, life insurance, and so on

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