A family budget can help you control your expenses, but many people are uncomfortable with the concept or worried that they won’t stick to a budget long enough for it to become a habit. It takes some planning, but the U.S. News & World Report website has some advice:
• Bring everyone together. You should all be on the same page. If not, have an honest discussion about your individual and joint goals. Do so regularly.
• Establish a consistent way to track income and expenses. This is a crucial first step. Figure out how much money you bring in every month and what bills you have to pay. This helps you set priorities.
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Evaluate your spending. Look at everything you all spend your money on— bills, food, entertainment and everything else. Look for areas where you can keep expenses down.
• Build your savings. Set aside a certain amount of money every month to put into savings. It doesn’t have to be a lot. In time, even a modest monthly sum can grow into something substantial, so look at the long term.
• Reduce debt. Don’t carry a balance on your credit cards. Pay down any other loans as fast as you reasonably can. The less debt you have, the more breathing room you have for the future.
