Family Budgeting Made Easy

Due to the current financial situation in the world, the fact that people are working fewer hours and the rising cost of inflation, a lot of people will find themselves needing help with budgeting. If you just lost your job the last thing you want to do is cut into any sort of savings you had, even though a lot of people think they are forced to do just that.

To help you out, lets get right into how you can create a family budget without all of the hassle. Go ahead and pull out your monthly financial records. This would be your bank statement and checkbook or you can look online if you do online banking. Get a sheet of paper and write down a spot for your utilities, rent or mortgage, groceries, entertainment or whatever expenditures you happen to have. Now you will tally up your monthly expense total. Compare this to the amount of money that you bring in and see how much you have extra or how much you need to cut back. If you have extra then you are already doing a good job, but we could all still use some help tightening things up once in awhile.

Now you will go through each of the items listed in your monthly budget. Those are the expense categories that you just wrote down. As you go through each item on the list make a note on your paper of what you can do to save some money in this category. For your energy cost you could make sure you set your thermostat lower in the winter and higher in the summertime. You can keep the lights off if you aren’t in certain rooms and you can also buy certain light bulbs that do not use that much power and also last quite a bit longer. Do you eat out a lot? Could you make more food in the home? If you go through your expense list and examine each of them you can make some crucial decisions that will make sure you don’t have to eat up your savings.

In fact, you could start adding extra to your savings. If you do not live by yourself then the only way to make this budget work is to get your family involved. If you have kids and they get to spend money by themselves then one thing you can do is to give them prepaid debit cards that you fill up once a month with an exact amount. This will help them learn how to spend their money the right way and it will save you from giving too much away in this area. You want to make sure that you have really got the point across that a family budget is only possible if you are working together as a team. This means that everyone has responsibilities such as turning their lights off as they leave the room and not leaving their cell phone chargers plugged in or even not being wasteful at the dinner table. You can even give everyone an area on your budget to keep up with and monitor. It is little steps like this that will help you save big when it is all added together.

If your expenses exceed the amount of money you currently have to work with then you will want to make sure you start doing these things immediately. Also, you may want to look into other ways to make money such as online blogging, having that yard sale you’ve been putting off, or you might even have a hobby you could turn into a business. If you take these actions, really make a clear plan, and follow through each day you will have total control and success in this area of life. If you are a parent this is a great chance to work with your children for skills that are very much needed later on in life. Kids like helping find answers to problems so if you are working as a family you can try and make this a group effort from everyone. When everyone is invested in it then it will work out even better. Also, make sure you reward yourself and everyone involved when they do a good job. It isn’t any fun if you don’t ever get to celebrate your hard work and efforts.

This article by Maiane Cassanego first appeared on Credit Zeal and was distributed by the Personal Finance Syndication Network.