ADVICE RATING |
  4.39 (Worth a try) from 16 votes (59 Visits) |
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Family Budget |
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by Philosopher13  (November 12th) (rank 500+) |
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For the past five years I have been in charge of the family budget. I haven't always been perfect, but I have learned a lot from personal experience and from working at a bankruptcy law firm where we used to teach our clients how not to get into financial trouble.
First, you need to make a list of all your monthly expenses ranging from necessity to luxury. Then if possible, figure out exactly how much income you bring in on a regular basis and how often. Write out a calender of what days you get paid and how much, as well as what and when your bills are due. On the calendar, subtract your necessities from your paycheck first, then see how much is left over if any. From the leftovers, you can then decide what you want to put away and what you want to spend on what. Not everyone is going to be happy all the time, but being debt free and/or being able to pay your bills on time is something that the whole family can benefit from.
I highly recommend doing the budget with all contributing partners and spouses. Everyone who needs to know needs to be kept in the loop or else mistakes happen and banks get overdrawn. Keep track of your budget whether it be on paper or the computer. Also, as your kids get older, encourage and help them to start their own budget.
