How to deal with household finances at different stages of life

BY EU STUDIO

Updated Thursday, July 14, 2022-19:10

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A family goes through many phases: at the beginning there is the couple, then the family can grow, in between there can be a change in work and family circumstances.

Therefore, it is advisable to be prepared and organized in order to adapt to the different challenges that may arise along the way, as warned by Xavier Puig, Professor of Economics and Business at the Pompeu Fabra University - Barcelona School of Management in

.

The expert's first recommendation is to make a budget that allows us to identify the family's total income and expenses, "this picture of our monthly finances will allow us to set goals and make decisions that bring us closer to them."

The budget will have to be revised every time there is a significant change in family circumstances.

Likewise, having a controlled budget can help us save, a financially healthy habit that has an impact on our family finances.

The main objective of saving should be to create an emergency fund with which to cover possible unforeseen events.

"This should cover between 3 and 6 months of our essential expenses," Puig points out.

When you go from living alone to living with your partner, you have to make some changes that are not always easy because, as the expert points out, "we belong to a culture in which money is not usually talked about naturally."

However, "when we share our lives with one or more people, it is important to talk openly about these issues in order to set goals or make mutually agreed decisions."

Openly addressing monetary issues at home prevents the appearance of potential conflicts, facilitates planning and, once again, allows you to have more room to maneuver to face expenses that were not originally contemplated.

For this reason, "it is important that everyone is aware of the common financial situation and it is important that the information is accessible to everyone. The control and organization of finances concerns all the people involved".

Many wonder if children should be involved in financial matters, the expert's answer is blunt: "From a certain age, children should know that things cost money and that money does not come from nowhere. That It helps them understand that there are times when, due to circumstances, you have to spend less. That can help them manage their impulses and understand the value of money."

As they get older, tools like pay can be used to help them develop financial responsibility "and most importantly, we need to talk to them about saving and help them make it a habit as a key to their future peace of mind."

Improve financial culture

All these tips from the professor are part of the 'Much to Do' project, a

through which CaixaBank disseminates basic financial concepts linked to the most frequent vital projects of the population.

In addition to the notions of the finance experts Xavier Puig and Natalia de Santiago, in this portal relevant figures from culture, sports and gastronomy share their personal and professional experiences to illustrate how important it is to achieve success to be able to manage basic financial concepts such as entrepreneurship, indebtedness or bank security.

On this occasion, actor and presenter Miguel Ángel Muñoz explains how the planning, perseverance and work he puts into everything he does, as well as his ability to adapt and reinvent himself, have been key to achieving both his professional and personal success.

"In this profession, which is unstable, sometimes you can be very lucky and combine one job with another, there are times when you stop, there are other times when you are very successful... For me, being able to have goals in life in any of subjects that make me happy is super important to keep me stable", he explains.

You can see the complete interview with Miguel Ángel Muñoz here.

Together with the

program , CaixaBank has created

, through which it disseminates all the basic financial concepts linked to the most frequent vital projects of the population.

All the face-to-face activities to improve knowledge of financial education in Spain that the entity has historically promoted have been complemented with digital content and audiovisual resources, which can be accessed free of charge through caixabank.com/muchopor Hace, located within the global portal of the entity.

Made by UE Studio

This text has been developed by UE Studio, a creative branded content and content marketing firm from Unidad Editorial, for CAIXABANK

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