To plan and optimize a family budget, you can use a variety of methods, from advanced to conservative. Olga Matveeva, financial advisor of the X5 Package service, told socialbites.ca.
According to Matveeva, the most convenient way to control income and expenses is with an electronic or hand-held spreadsheet.
“For the method to be truly effective, do not forget to enter all the information in a timely manner. Better yet, set specific deadlines for yourself. For example, once a week or once a month, on a fixed day. With both income and expenses in front of you, it will be easier for you to navigate financial possibilities, set savings goals, and plan big purchases,” explained Matveeva.
The expert noted that people who are accustomed to high technology will find mobile applications suitable for electronic accounting of funds.
“One obvious advantage is the ability to easily follow instructions for filling in personal data. Less obvious ones include options for setting a financial goal and motivating push notifications, as well as the ability to link another person (e.g. a spouse) to your account to maintain a joint budget” said Matveeva.
He warned that extended functionality of mobile applications will require additional payment.
For people who prefer paper media, a financial advisor recommended keeping a spending diary.
“This is literally a diary with all the expenses written down. Remember – you need to enter numbers every day. By the way, if your income is not stable, it is better to take a closer look at one of the above options – more visual options. If you are sure that you will receive the same amount of money on the same day of each month, the spending diary will not confuse you,” Matveeva advised.
Previously expert in the name Reasons for the rise in the dollar exchange rate.