Proper money management is an essential part of maintaining a financially healthy home, and there are proven methods that can ensure that your family can become - or remain - fiscally stable. A good place to start is for the family to agree upon who in the household is in charge of the fiances (typically a husband, wife or a parent). For stability, overseeing the family income should be the sole responsibility of the one who is best at maintaining self-control with spending and who is knowledgeable about financial management, banking, taxes, balancing a checkbook, etc. In my family, my father and mother work together as a household fiancial management team. My mother manages day to day expenses and my father handles investments and the which entitles him as the family's financial manager. .
The financial manager shall take the calls to wisely invest the family's money to secure their future while creating a comfortable day to day lifestyle. The manager must also design ways to transfer money into the hands of the members of the family depending on their age and needs. Besides that the manager must be aware of all kind of expenses that his/her family goes through. Two popular types of expenses are fixed expenses and variable expenses. The money spent on fixed expenses, for example a piece of property, almost always never losses value and remains constant. The manager however can tinker and play around with saving the expenses when it comes to variable expenses to best suit the family's needs.
The variable expenses are an area where the manager should explore avenues to save money. Speaking from a personal perspective, one has learned that the family should be able to live and sustain on a bare minimum needs. This does not necessarily means that one should strip down luxury, however, there is a cost to everything, and the family should be taught by the financial manager of the household to be flexible in their expenditures.