Page 27 - How To Set Up a Family Budget The Easy Way

process in itself is not altogether that difficult.

You can certainly see how this real-time, ‘dollar and expenditure tracker’ can assist you to be

agile and respond to market, family and monetary pressure, changes and crises. Continue to
revise and update your budget as your needs, family and circumstances change.

Money is such a daily necessity and ever-present in our comings and goings. There is no

escaping it. It is everywhere and needed anywhere and all over. We have different currencies,
structures, procedures and all around the world, but in the end, it is the currency that makes the
world go round, fueling the global economy.

Seen from that perspective, we often feel that taking control of our own finances and
expenditures will not have much of an impact, as we are all at the mercy of the wheels and gear
of a churning economical machine, with government and banking rules, regulations, trade and

principles, ethics and decision-making that affects our quality of life. However, this is simply not
the case!

Good money management skills in the household is crucial, not only for survival and good
financial state of affairs, it teaches our children how we think handling money should be taken
care of. They watch us so closely.

We model certain behaviors, spending patterns, discipline or maybe throwing all caution to the

wind with credit card spending, debt and reminder notices all over the house, creditors calling,
afraid to walk to the mailbox to remove the bills, and more.

What chance do our children have to end up entangled in that spiraling and vicious circle we
spoke about earlier? Money in, money out?

How do we get to the point where family budgeting is a learning tool to help us teach our kids to

work better with their funds? Whether through allowances, mutual savings goals, their own
account or more, as parents we have an opportunity to instill some solid financial skills early on
in life that will assist them later, as they work toward their independence and family budgets of

their own!

Do some of your own soul-searching before you start your budgeting process. How motivated

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