Creating a budget when you have a family can feel like pulling teeth sometimes. Everyone in the family wants or needs something and sometimes it feels like there is not enough money. If you need help creating a budget for your family, you should check out these tips for creating a family budget that you can stick to.
Keep it Simple
When it comes to creating a family budget, don’t go crazy, just keep it simple. Make a list of everything you need to pay out each month and a list of the income being earned. This is a simple way to tell what money you have coming in and where it needs to go. After that you can figure out what may need cut from the budget.
Everyone Should Pitch In
When you have a family budget, it’s important that everyone pitch in. You can’t have one spouse spending money, while the other is trying to save money. Everyone should pitch in when it comes to having a budget. You can even get the kids involved in the budgeting process by allowing them to help out in spending and saving their own money.
Pay Off Debt
A great way to create a family budget is to make sure your family has as much cash as possible. By paying off debt, you are able to have more cash, which will free up more money for your budget. And when you have a family of any size, you can use every extra dollar.
Plan for the Unexpected
It’s almost ironic that even when you try to have a budget, stuff still goes wrong. A big secret in creating a family budget is to plan for unexpected. Create an emergency fund that your family can have access to in case it is needed. If new tires are needed on your vehicle, you’ll have them. Or if an emergency trip to the doctor happens, you’ll have the copay money upfront. This kind of funding is such a relief, especially to families who can’t afford financial setbacks.
Be a Cheapskate
If you’re going to spend the time creating a family budget, you might as well stick to it. You can be a complete cheapskate while you’re at it. Just because you can eat out, it doesn’t mean you need to. Or just because you can afford to buy those new KDs, Yeezys, Jordans or Nike shoes, it doesn’t mean you have to. Put that money somewhere else in your budget and watch how life changes a little bit.
Creating a budget for your family doesn’t really need to be all that difficult. Especially if you keep these tips in mind. Now, what tips would you add to this list?