Budgeting is the one thing that I don't do. I guess I do it but I don't go to great lengths because I do have control over my in and outs each month but realize that many do not. Setting up a budget doesn't have to be as complicated as it sounds. Once you have a decent and formible plan you can really get a hold on your monthly expenses and find ways to save or maximize you money. I cam across these tips recently to help you set up a personal family budget. 1. Gather three months of your pay stubs and get your average monthly earnings. 2. Get out three months of your monthly bills. Do this for the fixed expenses like the rent, phone bill, car payments and other loans that come monthly. Add them up and get the average. Do the same for other expenses like groceries, and credit card bills. 3. Evaluate the results of your computations. Looking at your average monthly earnings against your monthly fixed expenses and other monthly expenses, think of some ways to economize. Cut back on some items that are somehow unnecessary. 4. Knowing the facts of your income and expenses, develop a family budget and try to stick to this monthly budget. 5. Now that you have a monthly budget, set up a savings account. Save up by making regular deposits to this account. 6. Keep track of this monthly family budget just to see if it is working for you. Try to fine-tune the "rough edges" of this budget as you go along. 7. If you can get hold of a personal budgeting software or spreadsheet application to keep record of your budget, the better. This will make organizing your expenses very easy. These are the basic steps in developing and implementing a no fret, easy to stick to monthly family budget. Of course each family has diverse needs and wants. You have the freedom to develop your own monthly family budget, depending on your family’s financial background and needs. No matter how you do it, just focus on the end result, which is building a savings that leads to a bright and financially stable future for your family.
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