Ssshh… Are your family finances a secret?

family finances a secret

family finances a secretDo you take time out to talk about family finances with your loved ones? Well, according to our new survey, the majority of us don't, with over half opting to keep stum.

A new survey by MyFamilyClub found that despite seven in 10 families admitting to worrying about money, 60% don't take time out to talk about it, leaving many of us feeling isolated and alone with our strife.

In fact, only one in 10 families talk about money on a weekly basis, with less than a third of us chatting finance on even a monthly basis.

'Share the burden'

In this current financial climate it is understandable to have concerns about family finances. More and more of us are having to make cutbacks and sacrifices in order to make sure our budgets stretch further.

Our very own Gemma Johnson knows that families could benefit from making some changes.

She says: "Money worries are not only a huge personal burden but are also given as one of the major reasons in divorce cases, so it's absolutely imperative that families get on top of their finances.

"I urge mums and dads to block out a bit of time each week to look over the family accounts, plan the household budget and prioritise spending for the weeks and months ahead.

"Sharing this burden will help to reduce the amount of time parents spend worrying about money and get them working together to improve the family's financial situation."

Planning your budget

It may seem like a chore at first but setting up a household budget will certainly help you keep control on your finances.

When planning a budget it is important to make a note of how much is going out and coming in each month. Absolutely everything must be included.

Keeping a spending diary is an excellent way to monitor of your expenditure. Create a spread sheet and divide your outgoings into three categories; essential, important and luxury. This way you can see exactly where your money is going, helping you plan ahead and make cutbacks where possible. You can also use this online budget planner to do the work for you.

Make a note of how much you are spending on things like car insurance and then take time out to shop around and find a cheaper price - it's worth it!

Even little changes like replacing school dinners with packed lunches can make a significant difference.

Do you have any tips on small changes that save money for your family? Please share by commenting below!