What are family finances: Family finances refer to the handling and management of financial resources within a household. It involves planning, monitoring and making decisions related to the family's income, expenses, savings, investments and debts.

The main objective of family finances is to achieve financial stability and improve the quality of life of family members. This involves making informed financial decisions, controlling expenses, maximizing income and setting realistic financial goals.

1-Debt reduction: If you have debt, develop a plan to reduce it. Prioritize paying off debts with higher interest rates and consider options such as debt consolidation or interest rate renegotiation. Avoid incurring unnecessary new debt and work on developing responsible financial habits.

2-Communication and family involvement: Involve all family members in financial management. Hold regular meetings to discuss financial goals, track the budget and make decisions together. Encourage open communication about income, expenses and financial goals, and teach younger family members about basic financial concepts.

3-Financial education: Improve your and your family's financial knowledge through financial education. Learning about concepts such as investments, insurance, taxes and financial planning can help you make more informed, long-term decisions.

Translated by: A.M