Page 24 - How To Set Up a Family Budget The Easy Way

If you’re getting out of a situation where you are in debt and short of cash, you have to try to
curb spending any way you can. Cutting those expenses are crucial, not only because you are

over budget.

We mean that there might be other reasons, like adding a budget-line to your overall planning for
your family vacation. Realistically, we cannot add and address new needs and goals before we

have fulfilled our duty and responsibilities.

Cutting a little here and there will mostly do the trick – cancel that newspaper subscription for

the papers that just land in the recycle box or garbage anyway. Do you need all the specialty
channels and packages on your Cable TV options? Can you live with giving some up?

There is always the specter of rising prices and interest rates, inflation and more to cope with as

well, so building preparedness for that into your budget is also a priority. Whatever we can do to
cut our costs and expenditure will benefit our pocketbooks and family budgets immensely!

Cutting back on things you need the least is a good starting point if you are at a total loss as to
what and how to give something up, add a new line into your budget or plan for the future or
inevitabilities. You are well on your way in the family budgeting process. You are doing it, every
step of the way. Consolidate and re-visit your budget often – it is a dynamic process and ‘living’
document or tools so to speak to help you keep your fingers on the pulse of your financial

situation.

Another useful strategy is to set up a bill-paying plan and process that will protect your interest.

When, how and how much you get paid will all influence your course of action. Creative and
innovative allocation of your paycheck is the key.

If you get paid once a month, the amounts in your budget will have to be paid monthly as is.

If you get paid twice a month, divide each budget item by two.

If paid bi-weekly (as is mostly the practice these days), still divide the monthly amount by two –
it will not be the exact amount to plan for, but a rough and close estimate. In the end better than
nothing!

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