A very practical guide to family budgeting
- Keeps your bank account in the positive
- Helps you get out of debt
- Helps you save money for the future
- Helps you spend your money on what is most important to your family
How do you create an effective family budget?
- List your income, how much and when during the month that you receive it.
- Then, list your recurring expenses ... how much, to whom and when during the month that you pay them.
- Next, ballpark any other expenses you can come up with off the top of your head ... things like groceries, fuel, etc. and list those too.
Keep it simple.
- Having 150 categorization buckets make financial charts look pretty but they won't give you much more than a headache. This is a practical family budget we're talking about ... not a second job filled with painful number crunching.
- Stop using your credit cards and make a plan to pay them off ... permanently. You've got better things to be doing with your money than giving it away to credit card companies.
- After paying off your credit cards, start saving at least 10% of your gross income. Invest it wisely to ensure a safe and good return. Everyone's situation is different, so you should obtain the advice of a professional financial advisor before making any major decisions.
- Become aware of the concept of cash flow. You will need to forecast your daily bank account balance for your budget to really sing; this is where spreadsheets and budgeting software can help most.
- Always keep some fun money in your family budget. A draconian, taskmaster budget can quickly kill everyone's enthusiasm for following it. A good family budget can greatly enhance the quality of your family life.
Published:Thursday, 13th Aug 2020
Author: Paige Estritori
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