Finance management- Navigating January’s Post-Holiday Crunch
Written by: Lombe Mwansa
Published: 4 January 2024


As we navigate the financial challenges post-holidays and the back-to-school season it is the imperative that you master your finances.

Did you know that – according to the Global Financial Literacy Excellence Center only 34% of men globally are financially literate? As a dad, good finance management by mastering your finances becomes even more crucial. By taking charge, you’re setting an example for your family and contributing to a more financially literate society.

DISCLAIMER: Please note that while the aim of this article is to provide helpful advice and tips on managing finances, I am not a licensed financial advisor. The information I give here is for educational purposes only and should not be considered as professional financial advice. Please seek the help of a licensed financial advisor who can give you advice specific to your financial situation.

A professional can provide personalised guidance on creating and managing a budget that aligns with your long-term financial goals.

pocket money

Why you need this Finance Management post

In the wake of post-holiday financial strains and the challenges of the back-to-school season, mastering your finances is paramount. This guide empowers you to take control, emphasizing the importance of:

  1. Financial Literacy: Recognizing that only 34% of men globally are financially literate, it’s crucial for dads to lead the way in financial understanding, setting an example for their families and contributing to a more financially literate society.
  2. Strategic Budgeting: From determining your income to tracking expenses, setting financial goals, and creating a budget, the process is systematic. Prioritize spending, allocate funds wisely, and leave room for unexpected expenses.
  3. Ongoing Progress Tracking: Creating a budget is not enough; consistently track your progress using budget tracking tools. Identify overspending areas and make necessary adjustments to stay on course towards financial success.
  4. Utilising Financial Literacy Resources: Explore reputable websites like Investopedia and the World Bank’s Financial Inclusion Knowledge Portal for ongoing financial education and tools.

Steps to good Finance Management and Financial Freedom :

Step 1: Determine Your Income Start by accurately assessing your income, encompassing your salary, bonuses, and other sources. Knowing your income is crucial for planning your expenses effectively.

Step 2: Track Your Expenses Detail every expense – from mortgage and utilities to groceries and entertainment. Categorize them into fixed and variable expenses to understand where your money is going.

Step 3: Set Your Financial Goals Define your financial goals, whether it’s paying off debt, saving for a home, or investing in your children’s education. These goals will guide your budget and spending priorities.

Step 4: Create Your Budget Subtract your expenses from your income to determine your available funds. Allocate money to your financial goals first, followed by fixed expenses like rent and utilities, and finally variable expenses. Leave room for unexpected costs.

Step 5: Track Your Progress Creating a budget is one thing; sticking to it is another. Use budget tracking tools to monitor your spending, identify overspending areas, and make necessary adjustments.

Useful resources for better finance management:

Consider exploring resources like the International Federation of Finance Museums [Link:]. This platform offers insights into global financial practices, aiding you in managing your multinational finances more effectively.

Financial Literacy Websites for Dads: Explore websites like Investopedia [Link:] and the World Bank’s Financial Inclusion Knowledge Portal [Link:] for in-depth financial literacy resources and tools.

Finance Management example – Sample budget

Finance Management couple

Here’s a sample budget for a family of 4 currently living above their means. This budget is designed to help them get their finances back on track by reducing expenses and prioritizing their financial goals.

Expense CategoryAmount
Fixed Expenses
Utilities (Electricity, Water, Gas, Internet)€400/month
Insurance (Health, Home, Car)€300/month
Transport (Car Payment, Gas, Parking)€400/month
Total Fixed Expenses€3,100/month
Variable Expenses
Eating Out€300/month
Entertainment (Movies, Concerts, etc.)€200/month
Clothing and Personal Care€150/month
Travel and Holidays€200/month
Total Variable Expenses€1,450/month
Financial Goals
Emergency Fund€50/month
Retirement Fund€200/month
Children’s Education€50/month
Total Financial Goals€300/month
Total Expenses€4,850/month
Remaining Income€-1,350/month

As you can see, the family’s total expenses add up to €4,850 per month, which is significantly higher than their income of €3,500 per month. This means that they need to make some significant changes to their budget to get their finances back on track.

To reduce their expenses, the family can consider cutting back on variable expenses such as eating out, entertainment, and travel. They can also look for ways to reduce their fixed expenses, such as:

  • downsizing their home
  • finding a more affordable car.

Finally, they can prioritize their financial goals by increasing their contributions to their emergency fund, retirement fund, and children’s education. By making these changes, this family can start living within their means and working towards their long-term financial goals. It may take some time and effort, but the result will be a more secure financial future for themselves and their family.

Conclusion and bonus

Creating a budget is a crucial step toward financial success. By following these steps and tracking progress daily, you can take control of your finances. Share this valuable guide with fellow dads, and to help you on your journey, we’ve prepared a downloadable budgeting template.

Click Here and download your free budgeting template now!

Thank you for reading, and I wish you all the best on your journey towards financial success!

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