Hints, Tips, Tools & Tricks For Setting Up Family Budget 4
15: To enable your family budgeting process set up an easy and orderly log, record-keeping and filing system; and make spending notes often to track your money and habits. Trust me, we do not know where all our money goes. We are just certain of one thing and that it slips through out fingers, hands and pockets, cards and plastic, fast!
16: Understanding, explaining and sharing the benefits of good budgeting with others is pivotal, to get them on-board and participating actively in the family budgeting process. Ask for their ideas and input. Two heads are better than one in most cases. They might think of savings opportunity, consolidations and or things to do without, that you did not even think about or considered for a second!
17: Here are some more family budgeting summary steps to remember:
- Identify and categorize all expenses – look at categories and line items, types and timing of expenses, amounts and budget accordingly. Remember categories like miscellaneous, discretionary, maintenance, emergency and others. These will also provide you with a little more flexibility when you do have to massage your money, budget and cash flow processes to meet need, demands and change.
- It is of utmost importance that we are able as family budgeters to allocate and adjust expense items, prioritize need with foresight, discretion, informed choice and empowered confidence, stemming from core and in-depth knowledge and accurate information.
- Practice utilizing a basic budgeting framework and recording method in your family budgeting and formulate your very own personal and or simple ‘Home Budget’ or rough first draft of your financial situation – a kind of YOU ARE HERE situational analysis. Chances are you will see and learn something you did not know before.
- Even if you feel you just have a basic understanding of budgeting and how it can improve your own management of your own and household finances will make a difference. Take the time out to explore and try putting your first one together, following the steps given earlier in this booklet.
This guide and its content, will appeal to almost anybody:
- Anyone who recognizes the need to budget;
- Those who have never or not yet learnt how to budget;
- Individuals or groups who are looking for a first-step debt-consolidation strategy and technique,
- Someone who has come into some money through a lottery, casino win, gift or inheritance and want to ensure they know how to budget properly before they start spending left, right and centre.
- It is good for moms , dads, grandparents, children, friends and families to do.
- It fosters independence and fiscal responsibility, accountability and stewardship.
- Even those with reasonable income, now receiving less, will find some answers here.
- The one who needs to understand expenses that need to be adjusted; and
- Even those who prefer to feel and be in control of their expenses.
- Family budgeting enables them to be in the position to know where they need to modify their lifestyle and make significant adjustments to ensure a bright and happy financial future.
Continue to the next step of your free Family Budget Tips Guide : Process Elements of Family Budgeting