We’ve gathered some resources to help with planning a family budget. With todays economy, it is more important than ever to have a plan and then work the plan.
FAMILY BUDGET TIPS
The first and most important thing is to have a WRITTEN plan. Write it down either in a book, on a spreadsheet, or any other way that works. The most important thing is that it be recorded someplace. There are many software programs available. Or just get out a notebook and use that. Whatever method you use, be sure to record your plan.
A FAMILY AFFAIR
Involve everyone in the budgeting process. Include the kids as you talk about money and where it goes. The more kids are exposed to the budgeting process and family finances, the better prepared they will be to handle their own finances as they get older.
Determine your needs and wants. What is absolutely essential? These would include such things as mortgage, food, clothing, electricity, etc. These are absolute essentials and must be taken care of first. Needs differ from family to family. For some families, needs include internet and phone if the family income depends on it for instance.
After you’ve determined what are necessities or needs, it’s time to conquer the wants. These would include such things as a cell phone, television, movies, vacation,etc. Again, needs differ from family to family. This is also a great time to include the kids in the family planning.
As part of your budget, be sure to include a savings plan. This is also something that will differ from family to family. You may want to take a percentage of your income to set aside each month. Or, you can take a set dollar amount to put towards your savings plan. Have a family savings jar that everyone can contribute to. This is an excellent way to teach kids to save for a family vacation or large ticket item that everyone will benefit from.
Set aside a part of your income to give back. As a family, decide on how much to give and where to give. Check out your local community charities, churches, and schools. What are you interested and involved in? That is a good place to start. Many of these places can also use time and services as well as cash.
It is important to also learn to spend your money. Having fun is an important part of learning to budget. Budget some money for activities and fun. Set aside a slush fund or fun money to be used just for fun.
FAMILY BUDGET RESOURCES
- Family Budget Online Worksheet
- Today’s Family Budget
- How to set up a Family Budget
- Budget Printable Worksheet
GET THE KIDS ON BOARD
Now that you have taken the step to create a family budget. Help the kids to create their own budget. We make it easy and fun with the Kidbudget system. The system teaches not only budgeting principles, but teaches the value of money as well as many other necessary financial guidelines. Help your kids start NOW on the track to financial freedom and success with the Kidbudget system.
Get your Kidbudget Today!