How to Manage a Family Budget

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If you want to control your finances, you should learn to manage your family budget. In fact, it does not matter how much money you actually have the bottom line is you should know how to make use of the money in your hands. It is important to have a family budget. In this manner, you would not end up wondering where your money has gone. How would you start to manage your family budget? Simple, here are some steps that you can do:

  • Make a list of all your monthly expenses; you can refer to your bank or credit card statement to categorize your expenses. Your categories may include food, utilities, expenses for children, mortgages and the likes.
  • Sort the fix expenses and your variable expenses. In this manner, you would be able to set your budget more accurately.
  • It is also important to list down your income. It should be your net income which means less all the taxes.
  • You may set a specific amount on each variable expenses like electric bill and gas bill. The hard part is when you have exceeded your set budget, you must adjust it on the next month to cover for the amount exceeded.

When you plan your family budget, you should begin itemizing your expenses once you have removed your savings and not save the money on what is left after all the expenses. You are assured of a monthly savings if you do it in this manner.

Comments

  1. Listing down everything is so much easier said than done, but it’s important in managing finances 🙂

  2. Mitchteryosa says:

    This is something I really should learn!

  3. this is very helpful esp for me who doesn’t take much control of my expenses.

  4. Dishes By Pehpot says:

    it also adds up if you will list all your expense every day, those little things that you buy in small amounts really adds up 🙂

  5. We started “listing” our current and future expenses when we were paying off our loans. Now that they’re paid off, we still continue with the habit because it’s more organized.

    Thanks for this. I picked up some things that we missed 🙂

  6. genefaith says:

    Helpful tips! We really need to budget to build discipline and organization. With recorded data-income, expenses, we’ll know what’s going on with our money:)

    Hope you can visit my Away from Home. I’m running a giveaway:)

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