Family Budgeting Tips
A brand new year has arrived and it’s the perfect time of year to create your family’s budget. There is just something fresh about January that inspires people to set goals and make changes to improve the year that is stretching out before them. In fact, I encourage everyone to ring in the New Year with a new budget!
Budget for Your Family
While budgeting is a huge help to running your household more efficiently, you’ll want to consider a budget and format that works for YOUR family. In other words, not all budgets are created equal. My family’s budget may have different needs than yours. In fact, most likely it does.
The goal should be to look at what is important for your own home rather than looking around at what others are doing. Try and not worry about the Joneses. They don’t have the same checkbook, salary, and goals that you do. You don’t need to explain your style, format or budget details to anyone.
One way to start your year off well is to have tunnel vision and only consider your family’s needs. You’ll want to consider several questions.
- What budget format do you prefer?
- Do we want an electronic or paper method?
- Is there a particular type you find easier to follow and stick with?
- Are you planning to include your family with your budgeting plan?
These are some questions to get you thinking about what you’d prefer to use for your budget. The options are endless these days when it comes to starting a budget. You can find them all over Pinterest or with a simple google search.
Some people use phone apps and some use old fashioned paper and pen. You can use Excel or Word to create your own or even take advantage of A Budget Friendly Life’s Monthly Budget Worksheet.
Create Your Family’s Budget
Whatever your method, you want to be sure that you can read and follow it easily. Further, you’ll need to keep it handy so that you can glance it over regularly to know whether you are within budget or not. If you make the format to advanced or difficult for your family, then it will be hard to stick to throughout the year.
We hear a lot of talk about fitness goals starting after New Year’s Day. Budgeting is one way to keep your family in healthy shape financially. A budget has been the number one help for our family when it comes to our finances and living free from the burden of debt.
This month, create your budget and discuss with your family how you will stay within your written plan for 2017. You’ll be thankful to see your bills get paid more timely and your debt will begin to decrease over time too.
The key to budgeting for your family is to focus on the needs of “you and yours.” There is freedom in being able to prioritize your goals and watch your finances begin to cover those priorities and needs in a way that enables you to live in financial freedom. Happy Budgeting in 2017!
Create a workable budget for YOUR family.