How to Create a Family Budget
cyza on 01 9, 2010
For singles, creating a budget is relatively easy. They tend to have a good handle on how much money they have coming in, and when tracking expenses, they only have their own to think about. But creating a family budget is a whole new ball game.
Most families have multiple sources of income. And when there are multiple spenders, that makes things much more confusing. This is one of the main reasons that families lack a formal budget. But having a budget and sticking to it can greatly improve a family’s financial outlook.
Making a family budget may be tricky, but it can be done. Here’s how.
1. Take inventory of all income. If a certain source of income fluctuates from month to month, use the lowest amount or average it out.
2. Keep track of all expenses for a month or so. Keep all of your receipts, and ask all family members to turn theirs in to you each day.
3. Add up your monthly expenses. Be sure to include bills, debt payments, groceries, and everyday expenses such as lunch money and transportation costs.
4. Get the family together and discuss ways you can trim the budget. Getting input from other family members will help you determine which expenses are necessary and which ones could be cut down or eliminated. Maybe you or your spouse could start taking lunch to work instead of eating out, or maybe the kids can drop an extracurricular activity.
5. In addition to individual expenses, discuss how you can cut down on the electric bill, groceries and other necessary family expenses. Consider such things as carpooling or taking public transportation, buying more generic foods and adjusting the thermostat.
6. Estimate how much you can save on regular expenses, and cut the completely unnecessary items out of the budget. Then refigure it and see where you stand.
7. If you end up with a surplus, allocate a portion of it to savings. If you’re in the red, go back and rework the budget until you have more income than expenses.
Being Realistic
One reason that family budgets often fail is because they’re just not realistic. It’s great to cut down on expenses, but sometimes we tend to go too far. For example, cutting entertainment out of the budget completely might look good on paper, but we all need a little diversion every now and then.
Instead of cutting such things out of the budget completely, consider finding ways to lower the cost. Going back to the entertainment example, maybe you’ve been going to dinner and a movie as a family twice a month. But eating in and renting a new release would be much cheaper, and you would still get to spend quality time together.
Individual expenses can also be tricky. This can be resolved by allocating a certain amount for each family member to spend each week. If someone spends his entire amount before the week is up, reevaluate his expenses and adjust if necessary.
Creating a family budget can help keep spending under control, leaving more money to pay down debts and save for future goals. But in order to succeed, close monitoring is essential. Your efforts will be rewarded, however, with less financial stress and more money in the long run.
Comments (38)
Leave a Reply
Archives
Categories
Recent Posts
- Useful tips for filing property damage claim
- A high return yield formula
- Financial crisis: Unwort of 2008
- Goldpreis development
- Tax claim losses on the stock exchange
Archives
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
home insurance mzkb auto insurance quotes dvnuxn auto insurance khcmr
[Reply]
health insurance 935 auto insurance 8OOO health insurance llgqd auto insurance =PPP
[Reply]
health insurance rbs health insurance qnx auto insurance 177
[Reply]
auto insurance 956506 health insurance 074009 health insurance nnf auto insurance 6387
[Reply]
xanax
buy tramadol online 8-]]] aciphex phentermine pharmacy washington dc =)) cialis 45847 buy your medicine cheaper ultram viagra 385371
[Reply]
tramadol 94634 cialis for sale :-OO order cialis >:[ adderall aciphex zoloft heartburn 05633 buy propecia 161 ultram %PPP
[Reply]
buy xanax online 8(( buy tramadol wholesale >:O order phentermine khkdob propecia :-[ cheap ultram =-[[ cialis mcg viagra %-OOO aciphex %-P
[Reply]
tramadol twhjo xanax 78827 generic cialis :-[[[ accutane rsb valium without prescription omg ultram
P levitra adtet
[Reply]
tramadol 200 pills online :-[[[ generic phentermine =-)) propecia zyban celebrex acyclovir and vioxx crx cheap generic cialis =))) phentermine 443 propecia yvsu aciphex =]]
[Reply]
cialis wim xanax %-P accutane vremm personal health insurance >:D buy tramadol =OOO online pharmacy ultram mozilla :[[
[Reply]
aciphex phentermine pharmacy washington dc >:PPP propecia
PP xanax prescriptions 454059 levitra oqlq xanax without a prescription 8-)) ultram 314
[Reply]
generic cialis 830687 cialis =-)) valium 10mg vnxlhk accutane 63369 texas health insurance 986 car insureance
( plavix and aciphex 936927
[Reply]
aciphex foosi private health insurance ppp crownpills valium american express pay 75575 ultram >:[[[
[Reply]
levitra levitra 750 buy phentermine 963 accutane orz
[Reply]
online casino eakn free health insurance =-[[ car insurance quotes 232 auto insurance =-DD home insurance 645
[Reply]
Hello! baebdec interesting baebdec site!
[Reply]
Very nice site! cheap viagra
[Reply]
Very nice site! [url=http://oixapey.com/rqasss/2.html]cheap cialis[/url]
[Reply]
Very nice site! cheap cialis http://oixapey.com/rqasss/4.html
[Reply]
Very nice site!
[Reply]
Very nice site! cheap viagra , cheap viagra , cheap viagra , cheap viagra , cheap viagra ,
[Reply]
Thank you!! Yet a typical incredible thread, that is the reason we come back for a web site usually!!
ROYCE
[Reply]
Hello!
tramadol , phentermine , cialis , xanax , viagra ,
[Reply]
Hello! aeedeec interesting aeedeec site!
[Reply]
Very nice site! cheap viagra
[Reply]
Very nice site! [url=http://apeoixy.com/xqqass/2.html]cheap cialis[/url]
[Reply]
Very nice site! cheap cialis http://apeoixy.com/xqqass/4.html
[Reply]
Very nice site!
[Reply]
Very nice site! cheap viagra , cheap viagra , cheap viagra , cheap viagra , cheap viagra ,
[Reply]
Hello!
xanax , phentermine , viagra , xanax , tramadol ,
[Reply]
Hello!
ivagra , cialsi , cialis , cialis , discount viagra ,
[Reply]
You offered honest strategies there. I have find out over the issue and got many peoples will trust your blog.
[Reply]
drug generic propecia soma zyrtec =-(( valium 861 buy accutane 8)) ambien dosage %OO
[Reply]
health insurance lwslii auto insurance quotes wzvde auto insurance 425314
[Reply]
Very nice site!
[Reply]
Hello!
cialis , cialis , cheap cialis , cialis , cialis ,
[Reply]
online casinos 36544 car insurance gtgab auto insurance :O auto insurance quotes hdbnp
[Reply]
I was so frustrated beacuse I couldn`t resolve this issue. Then I found your site in google and problem is solved. Thanks!
[Reply]