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2 Ways to Take Back the Control and Bring Down the Financial Burden to Manageable Levels

Posted February 11, 2013 by Harry Pearce to Finance 0 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

Largely, every home runs differently, they have different activities and obligations that require their time, effort and financial aid to varying degrees. Therefore, it is not possible to come up with a specific guide that can dictate the order of priority in the home as far as financial needs are concerned.

However, there are general guidelines that could act as a skeleton that any home, after a careful assessment of their dynamics, can adopt and modify accordingly.

1. First things first; the basics

As many already know, there are fundamental needs that every human being needs met so as to have a healthy and complete life.

· The first is food. Sustenance of life tops all other needs that may be clamouring for attention. Ensure that the family has all its nutritional needs met. This does not mean that the meals need to be expensive and elaborate, but rather affordable and well balanced.

· Next is clothing; have a system that allows members of the family to take stock of their clothes so as to replace those they can no longer use due to wear and tear before rather than always buying items because it is the latest fad. Spending a fortune to keep up with fashion should not be encouraged, as it will strain the family budget.

· Shelter is another necessity that should always be secured. Whether it means paying rent or mortgage, the payments need to be kept up to ensure the family is not thrown into the streets. The strength of the house should also be assessed to ensure it is intact and sturdy enough to contain the entire family in safety.

· Finally yet importantly, education should be prioritised as well. An educated mind is the first step towards eradicating poverty and elevating the status of all individuals above disease and depravity. It is important to enrol children in school as soon as possible to ensure they learn life skills as well as have their inner potential realised.

2. Last but not least, the additions

Not to say that they are less important, but they only find their place second to the basics. Once every financial obligation has been met where the basics are concerned, seek to have these met as well. In some instances, they will be handled in tandem with the basic financial obligations.

· Debts - This is one financial reality for many individuals and is often pushed as far back down the pile as possible in the hopes that it will disappear. Nothing can be further from the truth, as it needs to be considered with great importance. Failure to pay up debts could affect the stability of the basic needs and in some cases jeopardise the ability to provide them. Have a plan in place that allows for the systematic payback of debts.

· Service charges - Also known as bills, these are vital in the running of any institution. The provision of amenities like water, electricity, sewage and garbage disposal are all very important in ensuring that people live hazard free and healthy lives overall.

These give a simple summary of what the projected financial requirements of the home can look like. Therefore, ensure that these parameters are frequently assessed and reviewed so that ways of cutting cost and saving on some of these expenses can be devised. In many instances, it will call for a cutting down of any other expenses luxuries to ensure that these are given primary attention and priority.


About Harry Pearce: Tom Culloen is a columnist for the Financial Times, an editorial centred on empowering small and medium sized businessmen and women who may need personal loans for bad credit. He helps them seek funding for their businesses despite lacking the credit worthiness that banks are often keen on.

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