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Drafting a Family Budget

Having money is not the easiest thing to do. When you have money, it feels like you’re on top of all your troubles. But the problem is that the feeling doesn’t last for long. You lose money faster than you earn it.

If you’re supporting your family, you cannot afford to run out of finances before the next paycheck comes. Here are a few ideas on how you can stretch the limited finances.

Draft a family budget and stick to it. Sit down and discuss with your spouse the family’s needs and resources. You have to have a major brainstorming so that you’ll never have to suffer deficits.

Gather the bills which you regularly pay. You have to take down all these because these are liabilities which have to be given priority in monthly allocation.

Make a food budget. Regardless on family size, your food consumption is among those which eat up the biggest piece of the pie. If you don’t have a food budget which you can follow, you will definitely end up paying more than you ought. Having weekly meal plans, for example, is a good technique to make sure your meals stay within the budget

Make sure to account for all expenses. Sometimes you run out of money not because you have less than what you need but simply because you can’t keep track of it. Having accountability for every penny that comes out is not being a penny-pincher. It’s about being in control of your finances.

Talk with the rest of the family and ask them for ideas on how you can cut family costs. Are you giving the kids extra allowance they don’t need? Do you really need those new electrical gadgets which will just increase your electricity bills? Hold all new purchases until you fully sort out your family budget.

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Categories: Family, Money and Finance

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