(ThySistas.com) Budgeting is hard enough to do when you are alone. With a family, it takes a lot of planning and organization. Here are a few useful tips and reminders that will help you make a budget and stick to it.
Goals
The first thing to do is ask yourself why you are making a budget. What are your goals? Do you want to save up for a family vacation? Do you have debts you want to pay off? Be honest and write everything down, as small or big as your goal might be.
Earnings Versus Expenses
The next step is to write all your earnings and expenses. Regroup your expenses in categories to better manage them. The “Needs” category encompasses all your family’s necessities like housing, food, electricity, and so on. In the “Must” category, include your minimum payments for loans and credit cards. All that is left is the “Wants” category. All non-necessary expenses go there: restaurants, gym memberships and everything that can be considered a luxury.
Budget
Now comes the time for budgeting. A budget will help you spend less than what you earn, and spend more on what is important to you. There are different types of budgets. Find the one that best fits your family. Whatever kind of budget you choose to follow, it all comes down to this:
- Know where your money goes.
- Analyze what expenses you can cut to clear a debt, or save up for that well-deserved vacation.
Do not be too drastic in your changes. Adjust gradually. If you spend $60 a month on ice cream and want to put that money to better use, start by putting $10 in your savings account the first month and spending only $50 on ice cream. The next month, set $20 aside and use only $40 and so on until you reach just the right balance.
It might be harder at first until you pay off the credit cards and loans, but once that is done, you will have more money to use as you wish.
Until you achieve that goal, if unexpected expenses arise, a loan from an online financial provider can help out, especially if your credit score is not top-notch. It gives you the cash advance that you need, and you repay the loan in three to four months.
Involve Your Family
Get the whole family involved. When you come out from work at the end of the day, it might be tempting to grab some take-out on your way home. Make it a habit of planning your meals. Ask the kids to help you choose the menu for the week. Have a family cooking day during the weekend to prepare the meals for the week. You just need to take them out of the freezer when you get home from work. Also, make your shopping list according to the specials, and stick to it.
The important thing is to find a budget that works for your family. Be realistic and adjust as you go. Before you know it, your debts will be paid off, and you will be on that dream vacation with your family.
Staff Writer; Sherry Brown