Article by: Nipapan Poonsatiansup, CFP^® Independent Financial Planner

The ideal element of life consists of a good career, quality of life and most importantly, a supportive family. But most of us do not have a picture-perfect household and one of the pressing matters usually cames from money problems i.e., lack of money, run up debts or stress as a breadwinner. Even though “not everything in life is money but life starts from money”, a good financial management is pivotal for raising one family.

Most families consist of 3 members where both parents are working to raise their children. On many occasions, a father became a sole breadwinner to support the whole family, adding more stress to the head of family.

These families need a careful financial planning and for each family member to be aware of their roles. The head of family should give stable and adequate household income whereas money spenders appreciate the value of money and spend consciously.  The following is how to manage finances of household with sole breadwinner.