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Budgeting
Creating the Family Budget
by Chris Parry (Write for us!)
(Click on the links within the article to get definition of that word)
Family finances are one of the most common causes of arguments in United
States households. The money that
you are making never seems to match the money that you need to be making to allow you to live your life as you
see fit. There are also arguments about spending the money that you do make. Trying to decide where the money
gets spent can be a huge hassle. Many families allow finances to control their lives, leaving everything to
chance on a paycheck to paycheck basis. However, controlling your finances can put an end to the hassle and
turmoil you may be currently facing. Understanding not only what you make but what you spend, and what your
financialgoals are can put you on the fast-track to success.
The first step to financial freedom is to make a budget. Start by taking a careful look at your income for
the past three months of your life. If you work in a relatively stableindustry, this should give you some
idea of what you make each month. Take a look at your pay stubs to get a more accurateestimate. If, however,
you are an independent contractor or self-employed, you will have to do some guessing during this step. Once
you've determined what you make each month, try to find
all the bills that you have had over the last three
months.. If you add them up and divide by three, it will offer you an average because while some expenses, like your
mortgagepayment, are of a fixedamount, others, like your phone bill, are not. Your next step is to add the last
three months of other expenses together and divide by three. Include things like groceries, medical bills,
and credit cardpayments in this category. Record your findings in a notebook. Write down how much you have
to spend each month. Some families open a householdchecking account specifically for their set expenses
each month. Bills can be automatically deducted from the account, and you can ensure that you don't get
behind on your payments.
Once you've set up your budget, you are ready to take a hard look at what you are spending on. There may be
several ways to change your expenses that you may be simply overlooking. You can start by getting rid of the
waste in your life. If you buy your child a toy every time you go to the store, but they are often forgotten
about with minutes of arriving back home, that's certainly something
you can cut back on. Likewise, if you
drive a huge SUV without a particular reason, choosing a cheaper economy car might be a better decision.
Working to get rid of your debt may also be quite helpful. Most families spend six to eight thousand dollars
on currentcredit card debts each year, and who couldn't use an extra six thousand bucks every year for other
expenses? Paying down your debts is a great way to save some money in the long run.
Setting up a budget puts you on the way to creating a solid savings account, which can offer you a cushion
in times of need. Having a monthly budget can also help to eliminate some of the budget squabbles in your home.
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