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For
singles, creating a budget is relatively easy. They tend to have a good handle
on how much money they have coming in, and when tracking expenses, they only
have their own to think about. But creating a family budget is a whole new ball
game.
Most
families have multiple sources of income. And when there are multiple spenders,
that makes things much more confusing. This is one of the main reasons that
families lack a formal budget. But having a budget and sticking to it can
greatly improve a family's financial outlook.
Making
a family budget may be tricky, but it can be done. Here's how.
1. Take inventory of all income. If a certain
source of income fluctuates from month to month, use the lowest amount or
average it out.
2. Keep track of all expenses for a month or so.
Keep all of your receipts, and ask all family members to turn theirs in to you
each day.
3. Add up your monthly expenses. Be sure to include
bills, debt payments, groceries, and everyday expenses such as lunch money and
transportation costs.
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4. Get the family together and discuss ways you can
trim the budget. Getting input from other family members will help you
determine which expenses are necessary and which ones could be cut down or
eliminated. Maybe you or your spouse could start taking lunch to work instead
of eating out, or maybe the kids can drop an extracurricular activity.
5. In addition to individual expenses, discuss how
you can cut down on the electric bill, groceries and other necessary family
expenses. Consider such things as carpooling or taking public transportation,
buying more generic foods and adjusting the thermostat.
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6. Estimate how much you can save on regular
expenses, and cut the completely unnecessary items out of the budget. Then
refigure it and see where you stand.
7. If you end up with a surplus, allocate a portion
of it to savings. If you're in the red, go back and rework the budget until you
have more income than expenses.
Being
Realistic
One
reason that family budgets often fail is because they're just not realistic.
It's great to cut down on expenses, but sometimes we tend to go too far. For
example, cutting entertainment out of the budget completely might look good on
paper, but we all need a little diversion every now and then.
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Instead
of cutting such things out of the budget completely, consider finding ways to
lower the cost. Going back to the entertainment example, maybe you've been
going to dinner and a movie as a family twice a month. But eating in and renting
a new release would be much cheaper, and you would still get to spend quality
time together.
Individual
expenses can also be tricky. This can be resolved by allocating a certain
amount for each family member to spend each week. If someone spends his entire
amount before the week is up, reevaluate his expenses and adjust if necessary.
Creating
a family budget can help keep spending under control, leaving more money to pay
down debts and save for future goals. But in order to succeed, close monitoring
is essential. Your efforts will be rewarded, however, with less financial
stress and more money in the long run.
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'The A-Z Of
Productivity'
When
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beyond ORDINARY productivity, the only book you ever needed is 'The A-Z Of
Productivity'.
The name say it all download and enjoy.
The name say it all download and enjoy.
Are you thinking of saving or have a
FLOURISHING financial future? If yes, read this piece. Whether you are hited
with current economic crisis world-over or not, whether you are a single mum or
a happily married couple, whoever you might be: when you want to know the
hidden secret of saving, or increase your Financial IQ, you might even want to
give your financial future a reality, the only book you ever needed is, 'Saving
Brain'. Whenever you ever think of anything like saving, never hesitate to read
this boo. The only thing that might make you a victim of the current economic
mishap is for you not to read this book. Some even call it the financial
bail-out book. Read it, you will never regret you do.
Nowadays, there more wise sellers than fool
buyers. Learn to save your financial future by shopping right. The truth about
life is that, no one in life never shop, whenever you want something and you
purchased it, by doing this you shop. At most time, we fail to recognize that,
shopping the right way has more than 90% possibility of giving us a successful
financial life. I can assure you, when you can save while shopping, you will
not only survive this 'hard time' you will also flourish in it.
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