How to Reach Money Goals with your Family
MANILA – Coming up with resolutions for the New Year is a common practice of individuals, but FQ Mom and author Rose Fres Fausto said more people should also consider as resolutions saving more or investing as a family.
“What we do is that we have our individual goals and then we also have our family goals. We have to be in unison as a family even if you have separate dreams, there has to be something that unifies the members of the family,” she told ANC’s “On The Money.”
Fausto said money goals of a family can be attained through many simple cost-cutting techniques within the household.
For moms doing grocery shopping, for instance, Fausto suggests making only one trip per month expect when buying buy fresh produce.
“My excuse for just doing my groceries every month is that I say I have less temptation. Because when you go to the grocery, you see aisles that are full of unnecessary but attractive stuff like junk food. So the less visits you do, the better for you,” she said.
To save on electricity bills, Fausto said energy-saving components should be installed in homes, such as energy-saving light fixtures and solar water heaters.
If you’re planning to build a home, make sure you have great ventilation to avoid the constant use of air-conditioning, and make room for as much natural light as possible to lessen lighting fixtures.
When budgeting, Fausto said to discuss it as a family to give everyone a clear picture of where the money is going and how it is being spent as a family. It will also allow the family to create a realistic budget.
For moms, it’s about knowing our own and your own family’s life goal and giving yourself a specific amount of time to reach those goals, according to Fausto.
“You should not compare the way you spend with your neighbor, with your friends because to each his own. You would have to be very familiar with your own goals in life, because each goal has a financial aspect to it. So whatever your goals are, whatever timetable you attach to each goal, you should work towards that,” she said.