My Family Monthly Finances

 My Family Monthly Finances

My job : pharmacist

Spouse's job : teacher

My salary : RM5,000

Spouse's salary : RM2,000

Our salary combined : RM7,000

Utility bills : RM350

Groceries expenses : RM800

Life Insurance : RM600

Car payment : RM700

House rent : RM500

Child expenses : RM500

Phone bills : RM100

Savings(15%) : RM1,000

Funeral expenses : RM2,000

Total expenses : RM6,550

Importance Of Good Money Management

Money management is important especially in stabilizing our family situation. With a good money management, we can divide our expenses between necessity and demands.

Commonly, we know that newlyweds faces many challenge especially in finances. This is because, they are still getting to know about the realm of marriage which requires both partners to work hand in hand together.

Rather than looking at listed expenses, it is difficult to accumulate wealth because things are random in terms of expenses. For example, funeral expenses which cost a lot because we still couldn't manage our money and take a good care of our precious child. 

Other than that, the savings we have can be used for future purposes or times of emergency.