Businesslike Management of Family Spending


businesslike management

Don’t confuse family financial control with a penny-pinching budget. The purpose of control is to look ahead, to use many dollars that might be wasted. You can also master how to run personal finances.
Adapt two corporate tools: A cost-accounting system and a balance sheet.
Cost accounting controls spending by establishing yearly budgets. Base the budgets on past spending patterns and anticipated changes in costs, procedures, goals, and other factors. Purpose: Better financial planning.
Don’t track each expenditure down to the last penny. Look back only to get a better perspective on the future. Main guide: A projected 12-month budget.


Every month, compare actual expenses with the planned amount.
  • Note deviations.
  • Change your spending pattern or your program.
  • Implementing budget control requires the cooperation of all family members. Steps to take:
  • Set realistic short-and long-term objectives. Estimate the sums you have set to aside regularly to achieve your goals.
Estimate income for the year. Include savings interest, stock dividends, pensions, and money from all other sources. When income is irregular, as may be the case for sales and professional people, estimate a yearly minimum. Divide the total into equal parts over selected budget periods (weekly, semimonthly, or monthly).

Spread fixed expenses

Total the year’s periodic bills (taxes, rent or mortgage payments, utilities and heating fuel, insurance, association or union dues, installment loans and purchases, tuition, etc.). Divide that sum by the number of budget periods. Purpose: To eliminate the diversion of needed cash and last-minute scrambles to pay large bills that should have been anticipated.

Estimate flexible expenses

Prime ones are clothing, furniture, equipment, charities, medical care, gifts, and entertainment. Include an emergency fund to make up for wrong guesses on costs. Spread the total evenly over the budget periods.

Estimate regular living expenses

Among these are personal allowances, food, household supplies and help, laundry, dry cleaning, automobile maintenance and other transportation, newspapers and magazines, postage, and entertainment. To make a reliable estimate, record actual expenses for several weeks or longer.

Plan to pay old bills

Include loans from friends or relatives, as well as installment debts. They should be spread, where possible, over future budget periods. Pay them as quickly as feasible to maintain good credit, and good family and social relations.

Prepare a tentative budget

Match total expense (about the same for each budget period) against income.

How to use the program

Treat a surplus of income over expenses as saving toward meeting future goals. If the surplus is tiny, or if it is a deficit, trim expenses. It may be necessary to temporarily increase income by seeking extra work. Each family member should help develop cost-cutting or income-producing ideas.
Children may take on chores that had been done by hired help. Even some fixed expenses can be trimmed temporarily.

Bottom line

Once you establish a cost-accounting system, keep it flexible to allow for changes in financial status, family size, attitudes, or interests. The balance sheet shows net worth, the value of all assets fewer liabilities. Purpose: Year-to-year comparisons of balance sheets mark your family’s economic progress. 
A satisfactory rate of growth is not necessarily enough. Make certain that the growth in specific assets applicable to your overall goals is adequate to achieve them. We wrote about family financial reviews in the past.

Time saver

Banks generally use balance sheet forms to measure the financial substance of potential borrowers. Your local bank may be willing to give you a few blank forms for your personal use.


How to Study in UK Without IELTS [Complete Guide]


If you want to study at a top institution, the United Kingdom is an excellent choice. Note there are also opportunities to study in Canada with Mastercard Scholarship.

However, if your English isn’t up to par, you could struggle to achieve the marks you need to study here.

There are several ways to enhance your English, and you should not be embarrassed to enroll in English lessons if you believe your language abilities are lacking.
It’s also worth thinking about taking IELTS, which may help you get into some of the best institutions in the UK.

READ ALSO: Financial Aid for Middle-Class College Students

If you are unsure if you are prepared to take the IELTS test, you may take a practice test. Nevertheless, if you are interested in studying a course in the United Kingdom without taking IELTS, then, this post is for you.

What exactly is IELTS?

The Foreign English Language Testing System (IELTS) is a standardized language assessment examination used by universities all over the world to assess potential international students’ language ability. This test is divided into four sections: reading, writing, listening and speaking. After finishing the three-hour test, students will be given an overall score for all of their fundamental English language abilities.

Exams like this are used to assess your language abilities in English-speaking countries like the United Kingdom. However, this is not always the case. You can also study in the United Kingdom without taking the IELTS exam.

How Can I Study in the UK Without IELTS?

IELTS is not the sole tool for an institution to assess candidates’ English competence. If you haven’t taken the IELTS exam, institutions in the UK offer various options. Consider the following IELTS replacing criteria supplied by UK universities:

Online interview: Some colleges may request that you participate in an online interview to evaluate your English abilities.

Grades in English acquired in high school: If you received more than 70% in English in high school, certain colleges would examine your high school grades rather than IELTS. Universities, on the other hand, have their own standards for certain courses.

English major: If you studied English as a major specialization while earning your undergraduate degree, you do not need to take IELTS.

Pre-sessional English Course: As previously said, certain institutions provide pre-sessional English courses for people who wish to study in the UK without taking IELTS and therefore can select for these courses after they are accepted for their preferred degree or diploma program. 

Scholastic Aptitude Test (SAT) is also an alternative when it comes to college admission exams.

Rounding Up

To study abroad, particularly in an English-speaking nation, English proficiency test results such as IELTS, TOEFL, PTE, and so on are required as part of the admission process.

READ ALSO: Canadian Colleges: Quality Education at Bargain Prices

Similarly, IELTS is often required by many academic institutions to study in the UK, however, there is another option to get admission to an English university without presenting these results.

Mastercard Scholarship in Canada [Must Read]


Mastercard Scholarship in Canada

A variety of scholarships are available to individuals interested in earning a degree at a university in Canada.
Students must satisfy the following conditions to be eligible for a MasterCard scholarship:

– They must be Canadian citizens or permanent residents; 

– They must be qualified to attend a Canadian university; and 

– They must have a high school diploma or equivalent.

– They must have a minimum grade point average (GPA) of 4.0 and be interested in a career in finance or business.

READ ALSO: Ancient Guide to Getting Into College

Here are a few Visa scholarships available to Canadian students:

You must be a high school or college student planning to study at a Canadian university or college to be eligible for a Mastercard Scholarship.

  • Type:
  • Organization:Mastercard Foundation
  • Country to study:
  • School to study:
    McGill University
  • Course to study:
    Not specified
  • State of Origin:
  • Gender:
    Men and Women
  • Application Deadline:
    Not Specified

To be eligible for a Mastercard Scholarship, you must be a high school or college student who is planning to study at a Canadian university or college.

How to Apply

Candidates applying for the Mastercard Foundation Scholars Degree at McGill must first apply for a Masters’s (Non-thesis) program at McGill. Nominations and choices are done from the candidate’s department of study.


  • Select Eligible Course of Study
  • Verify that they are eligible to apply.
  • If the minimum requirements are met, the applicant may request a nomination from the department via email.

For more details, click here