Family budgeting is not the responsibility of one person. The whole family has to be involved in it. This is why when you are making your monthly or annual budget, ask the whole family to be a part of it. Take their inputs and give them some responsibilities too. This will also help your kids to manage their resources from an early age.
Assign pocket money to all.
This includes kids and adults alike. Have a set amount for each person each week. Any overdraft must be adjusted in the next week. This will help to curb wasteful expenditure and teach money management to all.
Know your fixed expenses.
This would include your mortgage, gas bills, energy bills, school and college fees, insurance bills, maintenance fee and so on. Next there would be some annual expenses too. Keep this money aside so that there are no last minute financial crunches.
Stick to your budget.
Just making a family budget is not enough. You need to stick to it too. In case you have assigned some amount to your electricity bill, stick to it. If it is exceeding that amount, find out the reason why.
Perhaps the TV was not switched off in the night, or there were too many late night parties at home. There has to be a compensation for this.
Perhaps you may have to cancel your family outing that month, or your money for chocolates has to be adjusted accordingly.
Once you start doing this, you would understand the importance of living within your means.
Keep an eye on the kitchen budget.
This is one area that tends to imbalance the family budget the most. Keep a tab on it at all times. Always check on it before you place an order for a takeaway dinner.
Avoid eating out as much as you can. It is expensive and unhealthy too.
Also, do not waste food. Have one day when you consume the leftovers only. Learn to make nice casseroles with them. Turn this into a habit and manage your kitchen accordingly.
A major component of budgeting is learning to spend less. Please give this article a quick comment/share and then jump over to our lower monthly bills section on tips to reduce monthly costs.
Try and make fresh juices, dips, snacks, cakes and other desserts at home. Consume as much fresh produce as possible rather than opting for processed stuff.
Save.
No matter how little, but you must save every month for a rainy day. This is a very good habit. You would be surprised to see how much this adds up to after a few years.
Your family budgeting becomes easy and manageable once the full family is involved in it. In addition, you must look at energy saving options all the time.
Now you can help your friends do the same when you share this article with them through social media such as Facebook. They would soon be thanking you for it!
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