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Family or Household Budgeting

Updated on January 18, 2015
Beautiful gold coin.
Beautiful gold coin. | Source
Silver Coin - Public Domain
Silver Coin - Public Domain

Making a Family or Household Budget

When it comes to planning a budget for a family or household, there are a few king things to keep in mind. By making a budget and sticking to it, you are actually going to have more money in the long run, and it will go farther. That is a goal of many people, so why not begin to make a budget if you haven't done so already?

When you have a budget, you have a plan that helps you to set goals with your spending. It also is good to help you monitor if you are keeping to the plan or not. One good way to start is to look at the expenses of the last year and use that as a guide to create allocate how much you intend on spending this current year. This is worth the effort, because you may find that you had no idea how much you spent on some things. So it gives a good and realistic picture.

You will need to figure out how much you are spending on the big or obvious things, like rent or mortgage or lease, or transportation and food, and insurance, etc. Include the large bills that you only pay a few times a year.

Budget what you can for travel, if that is high on your list of things to do in life.
Budget what you can for travel, if that is high on your list of things to do in life. | Source

Evaluate

Once you are on your way, you can see where you want to spend more money, perhaps in investing, and where you want to spend less money, say clothing perhaps. Many people want or need more money, and this is a good time to look realistically on what you have spent last year, to see what can be cut out. You might be amazed at what you find, and it could be very encouraging as you move forward to make needed changes.

One great tip is to keep it pretty simple, because then you are more likely to stick to your budget. Share what you are finding with those you live with, because everyone can help make keeping to a budget a reality.

General Ideas to Help Get Yourself on a Budget

Some ideas to get you started on your own budget are as follows:

Weekly Expenses, like Food, transportation, childcare, and household supplies

Monthly Expenses, like your housing, utilities, phone, loan repayments including credit cards

Quarterly or Annually, like, Taxes and Insurances

Other expenses like entertainment, medical and dental expenses, repairs, etc.

Tip: If you find it difficult to keep to your budget once you make it, consider to going to an all cash system for a while, and separating the literal cash out for each category. People have used envelopes, or filing systems for their cash like a plastic coupon organizer, only stashing your cash in there. For example, put in an allotted amount for entertainment each month, then only use what is in there. If a friend says, "hey lets go to a movie!" You can look in there to see if you can, and if you cannot, don't go, but set a date for the next time you can put a fresh months worth of money in there. It sounds a bit dramatic, but it really works for those that can't seem to keep to their budgets without such a system.

Video on Finances and Budgeting

Poll on Budgeting and Keeping a Budget

Do you have a budget that you keep to?

See results

© 2011 Paula

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    • oceansnsunsets profile image
      Author

      Paula 6 years ago from The Midwest, USA

      Hi Mathira, I think you are so right about that. It is a wise thing to plan ahead, and budget our finances for sure. Thank you for your visit and comment.

    • mathira profile image

      mathira 6 years ago from chennai

      Budgeting your financial resources can save you from lots of trouble.

    • oceansnsunsets profile image
      Author

      Paula 7 years ago from The Midwest, USA

      Hello Rpalulis, I agree with your comments there. Thanks so much for your visit!

    • rpalulis profile image

      rpalulis 7 years ago from NY

      Having a family budget is the ultimate plan for financial stability in the household, something all families should do and spouses having open communication working together as a team with the family budget I feel is the absolute best way.

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