Family Budgeting 101 – What You Need To Know Now

Every family that plans to have a solid financial foundation needs to have budget. This is something that can terrify a lot of people. They assume that having a budget is the equivalent of an austerity plan where everyone shares the same spoon and one can of soup and a loaf of bread is shared among everyone for the day. For some reasons, budgeting has been associated in the minds of far too many people with pain, sacrifice, and denial.

You need to really start by transforming the way you look at having a family budget and realize that you’re actually giving yourself the freedom to be able to have more of what you want without the stress and tension that typically accompanies making purchase decisions. Without making this mental transition, the idea of having a budget will be met with a lot of skepticism and scorn. So the very first thing you need to do is have a conversation with your family about why it makes sense to have a rudimentary budget — something is better than nothing.

Your family needs to come to an understanding that you cannot spend more than you earn insofar as income. It’s not a sustainable approach to life, regardless of how easy credit cards can sometimes make it for us to literally buy whatever we want without really stopping to think about the cost.

From a strategic standpoint, it always makes sense to ease into the process by starting to account for exactly how much money is being earned every month, and to account for how much is being spent — and on what. Remember, you can’t really create a budget out of thin air. That’s not practical. You want to start by measuring what’s happening in your family’s financial life. That will make it a lot easier for everyone to see the financial picture from which the family budget is being drafted.

Try to include suggestions and ideas from everyone in the family. Before long, you can gradually ease into having a realistic budget that helps your family save more money and to live a less stressful life. Not having a budget and leaving all of your finances in the dark will breed anxiety and uncertainty. Go ahead and implement the suggestions you’ve just been presented with. You’ll be glad you did.

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