The 2019 Financial Capability survey reveals that a growing number of Families (35%) are under financial stress because of debts and day-to-day expenses.
Nearly 17% of households overspend every month, whereas another 27% borrow money to pay for daily purchases, including food and groceries.
The good news is that you can turn your finances around by practicing some good financial habits, such as keeping a budget.
Research reveals that Families who maintain a financial budget are less likely to fall behind on their financial commitments and manage their cash flow better.
TimelyBills is a money management app that allows you to stay on top of your bills and track your monthly income as well as expenses. In order to improve the overall experience of our users, we have added a new Family Money Management feature to the TimelyBills app.
Here is everything you need to know about our new Family Money Management feature.
TimelyBills: What is the Family Money Management feature?
The Family Money Management feature is designed to unite the finances of your entire family. It’s always a good idea to include your family in your financial decisions. With our new feature, your whole family can monitor their income, expenses, and stay on top of their bill payments.
5 Things you can do with our Family Money Management add-on
- 1) Create a budget for your entire family.
Nearly 20% of Canadians use a digital app or financial software to manage their budget. However, most applications offer individual budgeting modules.
TimelyBills Family Money Management feature allows you to create a budget for the entire family. You can allocate desired amounts across different categories, including groceries, utility payments, mortgage or other loan payments, and discretionary expenses. Your whole family can look at category-wise spending limits and manage their finances accordingly.
- 2) Syn account transactions of the entire family.
TimelyBills comes with an option to syn the transactions of the entire family. Not only does it allow you or the senior members to clearly view the spending habits of the younger members of the family, but you can also track any suspicious financial activity in your family members’ accounts.
- 3) Have a real-time view of family income and expenses.
A critical part of the budgeting process is to be aware of your net monthly income and track expenses to avoid overspending. TimelyBills provides a real-time view of your monthly income, expenses, and account balances.
- 4) Track all the recurring bill payments.
Paying your bills on time is a good practice, but it’s quite common to miss a payment or two if you’re managing it all by yourself. With TimelyBills’ new Family Money Management feature, your entire family can view recurring bill payments and pay them with their individual accounts. You don’t have to stress about missing a bill payment ever again.
- 5) Generate custom spending reports for the entire family.
If you’re teaching your children good financial habits or money management, sharing their monthly spending reports can help them track their improvement. TimelyBills allows you to create spending reports for everyone within your family. You can help the young members of your family identify spending patterns and make amends accordingly.
Having a budget helps you manage your finances better. TimelyBills allows you to onboard your entire family into your financial journey, helping them contribute more towards your combined finances.
Check out our new Family Money Management feature today with the Pro version of TimelyBills.
If you have any questions about our new feature, kindly leave a comment!