If you don’t have a family budget then you probably
don’t know where all of your money is spent.
You may be spending a lot more on luxury items than you think.
If you find that you are always coming up short, you definitely need to create a family budget.
Find more tips on budgeting on the internet and in books, look for new ways to save money every day.
Make a list of all of your bills
Use a spreadsheet program if you would like to keep it
on the computer, that way you will be able to easily
make changes as needed.
If you don’t have easy access to a computer, write it on paper,
just use a pencil so it will be easy to make changes and corrections.
1) List all of your bills, amount due, date due.
2) Total all of your bills for the month.
3) List all income for the month.
4) Subtract the total monthly bills from the income,
this is the amount left for everything else.
5) Now add all of your other expenses to your list,
with an estimate on amount needed.
6) Add total bills and other expenses together
then subtract from your income.
7) Any amount left can be used for extras or for savings.
Keep track of everything you spend for a month
If that seems too long, track your spending for two weeks,
then multiply by two to get the total for the month.
- Are you spending more than you thought on some things?
- Could you live without gourmet coffee every morning?
- Are you eating out everyday?
Packing your lunch from home will save money and calories.
- Do you really use the gym that you still have a membership with?
- Are you paying for conveniences that you could easily live without?
It's your choice, after tracking all of your spending, you will see ways to
save more and spend less.
You don’t have to deprive yourself
Just be aware of what you are spending and where you could save money and spend less.
For help setting up a budget or to put together a financial plan, one of the first places to check is with your bank. The bank that you usually do business with will probably be very helpful and will be happy to give you tips on budgeting.