Monday, 23 January 2023 14:32

How to create a good family balance?

Written by Evelyn Alas

Managing a household can seem like a complicated task, especially when it comes to finances. It is not always easy to get organized when the decisions you make will have an effect on more than one person.

Assets: Under the heading of income (or assets), you should consider the percentage of salary that both working parents and children can contribute. It is also necessary to consider other sources of family income, such as the rent of an apartment.

Contabilidad – Qué es y para qué sirve |

Liabilities: under liabilities, basic expenses such as food, clothing, water, electricity, gas and utilities should be recorded. Also, other expenses should be considered, such as tuition, rent (if the house is not owned), payment of recreational places or extracurricular activities (gym, music lessons, sports, etc.), mortgage payments, credit cards and other debts. At this point it is important not to forget taxes.

Estado de resultados |

Decide what to spend: It is important to agree to spend less than you earn. To avoid financial problems, the healthiest thing to do is to moderate family expenses and always allocate some percentage to savings.

Plan for the medium and long term: The family should set goals and express their wishes and dreams for the future. Parents can create awareness in their children about the importance of starting to save as soon as possible, thinking about medium and long term events, such as college education or retirement.

Análisis de estados financieros |

Life insurance: It is also convenient to talk about life insurance and the will. Although it is very difficult to think about issues related to accidents or death of a family member, it is important to inform the family about the measures taken to protect the patrimony even in the eventualities of life.


Translated by: A.M