Let me start by saying Financial Planning is such a broad term that most of the time we wonder where to really start. When I got married, we realized my husband and I are completely different when it comes to family financial planning. He was someone who saved what’s left on the income and I was someone who tried to reduce the spending to the penny but was not clear on how to invest/save money. I kept our budget  and I couldn’t even buy my favorite drink in Starbucks without feeling guilty the whole day. Crazy, right? It drove my husband nuts and he just couldn’t understand why we need to discuss so much for some simple things he wanted to buy.

It took us years to find a balance and even figure out how to plan the finances without compromising on the quality of life. Trust me, I changed so much that I have my splurge areas (read: beauty products) where I spend $$$ without feeling guilty.

Now, financial planning or personal finance is such a broad term that’s about savings, spending, budgeting, debt management, retirement etc. We all want to enjoy life without worrying about finances. But where to start?

Family Income:

The basic understanding any person should have is the income of the family. Once you figure out how much you’re earning every month, the obvious next step is to understand the outflow of money, which means Spending.

How To Map Out Expenses:

You might already know some of the major expenses such as rent/mortgage, utility/electricity bills, education, healthcare, grocery spending etc. What about the rest? I’d suggest you use family budget trackers if you’re not already doing so. It’s much better than asking your spouse how much he/she spent on that day.

Even if you don’t want to use any budget tracker, just check your bank statement on how much money you had in your account at the starting of the month and how much is left at the end of the month (+ if you have any money transferred for investments). That’s your total savings.


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