To ensure proper personal finance management, you need to get familiar first with the concept of pre-agreed budget. Once you make a budget, you need to be able to get used to discipline follow the budget and only then can precede to the stage of financial planning.
Allocate the maximum monthly income of 55% for expenditure for personal expenses, transportation, household or children. Use the envelope to allocate the expenses such as personal expenses envelope for meal, phone bills, clothes, cosmetics, etc. Transport expenses envelope for petrol, public transport, vehicle maintenance. Household expenses for weekly or monthly shopping, water bill, telephone bill, electricity bill, etc. Prepare for the Children expenses envelope for their school fees, textbooks, milk, diapers, etc.
You need to try to make a saving in a minimum of 10% to 30% of your monthly income. And as part of the commitment, make the habit to visit the bank monthly. Choose the nearest bank which is the most ideal place to keep your money. In time, parents will be able to teach the children in early ages about the importance of saving for the future.
You may create a list of expenditures and revenues. You will be surprised at how long the list of expenditure compared with the list of revenue. List can contain 10-20 pieces of expenditure while income only one or two. This fact shows us that spending money is easier than getting money.
You need to determine the amount of the funds to be deposited first. It is quite often that without knowing its priority, people make the save part to the last priority. Not how big the number is, but the important thing is to make saving income to be a habit.