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6 mistakes in family financial management

Managing family finances is an essential skill for young couples to master, especially those who are for the first time pregnant and parents. In fact, financial management not only affects the spousal relationship, but also directly affects the future of the children.

Here are six common mistakes young couples should avoid in family financial management.

1. Absence of a clear plan

You might think: “Oh, we’ve just been married, let’s just take it easy for a while...” and then spend whatever you have. The inevitable consequence is that after the first year of marriage, many couples, only after receiving the news that they’re about to be “promoted” to the rank of parent, are staggered to find out that they have no emergency fund and no saved money for the future of their children. So, to ensure the health of the family's finance, right after the wedding, you should immediately set up a financial plan. You two need to control your spending and have specific goals to aim for.

2. Absence of an emergency fund for a rainy day

Life is never completely tranquil. All sorts of unexpected events such as unemployment, loss of income and illness can happen. Therefore, when preparing to welcome a new family member, you need to set up an emergency fund to make sure to always give your child the best, even if something unexpected happens.

3. Lack of agreement on spending habits and plans

If a couple does not agree on spending habits and plans, one will always feel "upset” and "frustrated" with the other's spending. You also can't save money if your husband is always spending beyond his means. Therefore, the first thing to do is that you two need to agree on your expenses and the family’s savings funds. For example, if you plan to have children, you need to plan an emergency fund specifically set up for them, such as a life insurance package that will accompany your children from the womb to adulthood.

4. Failure to divide financial responsibilities between husband and wife

After the wedding day, husband and wife need to discuss and clearly determine their financial responsibilities, for example: the contributions to the family fund (depending on the income of each person); or let’s assume that the rent and utility bills are covered by the husband, then the wife shall be responsible for money on groceries and savings, etc. If financial responsibility is not divided from the very beginning, both of you will be completely passive and don’t know what to do but bewilderedly staring at each other once a large sum of money is needed.

5. Failure to educate your children about the value of money

Children need to know about the value of money and how to save money from an early age. Depending on your child's age, you can turn this into a fun game, so that he/she can understand and form the following ideas: Why do I have to save money? How can I save money?

6. Failure to prepare sufficient financial resources for your children's education

You need to start saving money from early pregnancy or birth to ensure the best conditions for your children at all times so that their education shall not be interrupted until they’re 18 years old at least.

The sooner your long-term financial plan for your children's education is implemented the better, as it is like an "armour" to help you protect your children regardless of how life may change. In developed countries around the world, young parents often choose to buy a long-term life insurance product as a safe and effective precaution, ensuring that your children have a sense of security to pursue their dreams.


Young couples in Cambodia can also refer to insurance products which are practically designed.


An insurance product is like an accumulation you’ve prepared for your children since before they were born until their graduation from university. More importantly, insurance products are also a sure-fire way to protect your children's future, even in case unexpected misfortune befalls you before your children have a chance to mature.

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