Family Finance and Budget

19/03/2022

With regards to this week a story I read about principles of finance and budget, I have come to learn many techniques that need to be applied. In a home where finances are not budgeted well things become difficult in finance and everyone knows that having money is very useful, and not having money is very hard. However, do parents fully understand how money plays some part at home. Now come think of it, is very difficult to work and get money and for us to save money for the future it is very extremely important to budget and spends our money wisely. Now let's understand this topic family finances and budget which can also be identified as Financial Stability this sound like a boring topic, and yet parents should care deeply about the end result; having a happy, healthy, and well-adjusted child. However, we may not always equate money with traits. And if you are looking for a nudge to get your finances in order then this is it, because family finances and budget is a critical components in our home.

What does it mean to be family finance and budgets or financial stability?

Before we go too deep into the topic of money and keeping our home safe, I want to highlight a critical point. I am talking about family finances and budgets not being well off or having a high income. We can totally raise a healthy and well-adjusted home while being a low-income family, and I am in no way disagree with that. I am highlighting here that being in any income earning level, where money fluctuates drastically is causing stress on the family dynamic. You don’t have to be poor to feel money problems, and if you’re considered rich your problems certainly don’t go away.

In my own non-technical terms, family finance and budget or financial stability, is being able to meet the basic needs of household consistently and being in a comfortable state where you are not constantly worried over whether you will be able to meet those needs in the immediate future when next month bills are due. While also not going crazy spending money when you do have and this comes with proper management of our finance and I think it all goes well with budgeting and when we budget our finance it will always strengthen our finance well at home and we will not run into bankrupts

Socioeconomic Status and Family finance and budget

We cannot deny the fact that having a certain level of income does indeed help things, or that living in poverty is harder. The America Psychological Association state that socioeconomic status encompasses not just income but also educational attainment, occupational prestige, and subjective perceptions of social status and social class. Socioeconomic status can encompass quality of life attributes as well as the opportunities and privileges afforded to people within society

Which is a fancy way of saying that more than just money comes into play. You can influence some of these things by behavior, actions and drive it up to the individual. Even though they are talking about low socioeconomic status, I am going to take some of these issues and argue that they are prevalent in a household that has a hard time being financially stable, not just low-income earning.

Sometimes families face problems based on money- a parental relationship which no one can deny the fact that financial stress can play a significant role in a marriage or any relationship. Money problems are commonly stated as being the 2nd highest cause of divorce in the US ranking just behind infidelity. While it is ranked as being the leading cause of stress in relationships. When the family structure is stressed by their cash flow they bring that into the relationship, and it is very common for partners to have different spending habits, which can create tension and resentment. One is a saver and another is a spender. Or one partner makes significantly more than the other. Or any number of variants. Whatever the dynamic it's important to note that you are building your home money story, whether you like it or not is developed at a young age and they carry it with them forever, it's important.

Inconclusion

Family finance and budgeting are extremely important and the role the father has to play here is, to be honest to his family about how much he earns every month, weekly, and yearly if possible during budgeting he should show his payslip to the family and I think if this done well there will not be a problem at home in term of finance management and there will be peace at home every day.

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