Creating a Family Budget
Marriage brings a whole new load of responsibility on us, life suddenly stops being about us and becomes revolved around the our spouse and children. Having a coherent family budget can help us avoid unnecessary spending, keep track with our money, and to plan for the future. Karaz’s Mira has a few tips to assist you in creating a budget for your household.
Track and pinpoint where your expenses
Work on listing your spending in the last two to three months to see where your money goes, do not forget to look through your bank account and to also list credit or debit card purchases. While most people focus on big spending like loans, and mortgages, it is important to also track the daily purchases that you and your spouse make.
Motivate yourself
Create plans within your budget to remind yourself why you are budgeting in the first place. While most people like watching their bank accounts grow, a driving goal like paying off your children’s’ tuition or going on a family vacation can really help you stay on track in your budget.
Set your monthly expenses
When you have a clear idea of how much you spend a month set a percentage of how much of your money you will be spending from now on, if your expenses exceed your plan or your income, then you need to cut your spending or reset your budget. You have to do what works for you.
See how you’re doing
Keep track of your budget for a couple of months and see if its working. Adjust your budget if needed, and make sure that you make necessary adjustments annually or semi-annually. The most important tip through all of this is having open communication, and using a communication style that works in your marriage to get the best results for your unit.
