Tips for a Family Budget – Become Financially Free


Making a family budget is a task that not many people want to delve into. It is frustrating to see how much money is leaving the nest each month. The experience is not going to be enjoyable but there are some tips and tricks that will make it tolerable.

Gather all the important information that you need to begin. Start with the things that you know a set price for such as rent, credit cards, or insurance. Getting a hold of that information is the easy part. Knowing what you spend each week on frivolities gets a little more complicated.

Things like stopping for a cup of coffee or a quick snack will add up and threaten your carefully planned budget. These little things could end up equaling over $1,000 dollars at the end of a year. Do yourself a favor and take a couple of weeks to see how much you spend on impulse buys. You also may want to go over your bank statements or previous credit card bills to see what you have spent in months past.

When creating your budget make sure that you give yourself some wiggle room. Do not budget the lowest amount that you have paid for your electricity or gas bill. You should always go by the highest bill you have had. If you have extra money at the end of the month that is great! Squirrel it away for a rainy day or save it up and go on vacation!

Another way to add some extra padding to your budget is to add a category labeled “miscellaneous”. Unexpected things like medical bills and co-pays seem to come up at the most inopportune times. You cannot foresee when you are going to have to throw something like this into the monthly budget. That is why it is important to put some money away into a savings account as well.

Many online programs will allow you to fill out budget worksheets free. Doing this is a great alternative to using a pen and paper. You will be able to change things easily as your budget does. This option offers the added bonus of doing the math for you too!

Writing out the budget and planning to follow it is one thing. Actually doing it is something quite different. In order to make sure that you follow your budget to the number, using the old envelope trick is a wonderful idea! Putting money in envelopes labeled groceries, gas, or cleaning supplies will help you to stick to your budget and help you in your efforts to restrain yourself.

The category that most people have trouble with is food. People in America seem to overspend on food every week. It is important to plan meals ahead and never go to the grocery store while hungry. Also, make an effort to eat at home as much as possible. Eating out at restaurants often will take a big chunk of your food budget and not give much in return.

It is possible to follow a budget! It is important to stay positive even if something unbudgeted comes up in the first few months. You will get the hang of it after a while!

This post was written by

jason – who has written posts on Budget Clowns.
Father of three and married to a lovely women. Always looking for ways to save money, and invest it properly for my children's future.

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