After getting married and being a mother, there is one thing that will be a duty in every month, it is a financial management.
When I was a single, I used to be could freely spent money I had as I wish, but after deciding to entered marriage life, this thing is cannot be happen anymore.
The reason why I should fixed my financial management, because there are so many budgets that must be spent in every month.
If it is not well managed, I will be overwhelmed because the money i have can suddenly run out even though there are still many needs that must be fulfilled.
Yeah, Dude! This is not only about my personal financial anymore, but it is about my ‘family’ financial. (whoahaha, whom I asking for?)
For those reason, I want to share my personal experience in managing family financial with the principle of 50-30-10-10.
This principle of financial management is based on the priority scale of needs, while considering investment plans and the risk of unexpected expenses that may occur. For those of you who are going to married, let's check this out!
1. Cost of LIVING
This post is 50% of our salary and the most flexible to use.
Let's say the income or a salary in a family is Rp. 4,000,000. Therefore, the maximum requirement for living expenses is Rp. 2,000,000 alias 50% of total income. For example, if a family consists of father, mother and one child, then the details of expenses for daily living expenses are as follows;
· Meal fee: Rp. 900,000 (Rp. 10,000 x 3 people x 30 days)
· Monthly shopping fee: Rp. 400,000
· Transportation: Rp. 300,000
· Internet: Rp. 200,000
· Electric & water fee: Rp. 200,000
2. Cost of BILLS
This post is 30% of our salary. This post is a must and cannot be contested.
For installments and bills, allocate 30% of income. This post is a must and must not be contested. Because if not, the bill can swell and the nominal will be even greater in the next months.
In the case of income the amount is Rp. 4,000,000, there are funds of Rp. 1,200,000 for this post. The following illustrations can be used;
· insurance installments: Rp. 153,000
(assuming class 2 BPJS for 3 people @ Rp. 51,000.00)
· Home installment: IDR 1,000,000
(assuming a 15-year mortgage)
3. Cost of INVESTMENT/SAVINGS FUNDS
This post is 10% of our salary. We should be rather strict for this post, for the better future.
10% of the income of Rp. 4,000,000 is indeed 'only' Rp. 400,000. However, if we are routine and stubborn to always set aside some income for the investment post, after a long time we will harvest the results
This is as important as other posts. Since this post can be used as funds for children's education, holidays at the end of the year, it can also be a business asset if you want to open a business. So, make sure this post is always filled every month!
4. Cost of SOCIAL FUNDS
The remaining 10% is used for social posts or emergency funds.
The function of this post is to donate relatives' wedding gifts, social gathering funds, or is also used if there is an emergency that affects us or our immediate family. If there is a sudden need outside the posts mentioned above, this post is the most likely to be tampered with.
To realize these 50-30-10-10 financial arrangements, it takes a strong commitment, discipline, and patience in carrying out them.
If not, as we know that money is an easy thing to 'lose' on its own. So, make sure the allocation of these posts is done at the beginning of the month after receiving income.
Although heavy at the beginning, feel the benefits in the following months.
Hopefully my experience can be useful, let us experimenting as our needs, and good luck!
HENNY F LESTARI
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