Page 31 - How To Set Up a Family Budget The Easy Way

simplistic concept, process and task that it is almost unthinkable that we are not placing greater
focus on it these days.

In the end, it is all about what you DO, to make ends meet, which implies action. To be in
charge of your finances; family budgeting gives you a sense of real understanding and control
over your money, not the other way around. Money is a ‘tool’ and life necessity but it does not
prescribe how you should live or spend it.

14: Family budgets allow you to gain knowledge you would otherwise not have had at your
fingertips, concerning your own and family finances.

For example: Knowing where and what expenses you can affect or effectively change, to cut
costs appropriately, timely and immediately in certain cases is very helpful.

15: To enable your family budgeting process set up an easy and orderly log, record-keeping and
filing system; and make spending notes often to track your money and habits. Trust me, we do
not know where all our money goes. We are just certain of one thing and that it slips through out

fingers, hands and pockets, cards and plastic, fast!

16: Understanding, explaining and sharing the benefits of good budgeting with others is pivotal,
to get them on-board and participating actively in the family budgeting process. Ask for their
ideas and input. Two heads are better than one in most cases. They might think of savings

opportunity, consolidations and or things to do without, that you did not even think about or
considered for a second!

17: Here are some more family budgeting summary steps to remember:

 Identify and categorize all expenses – look at categories and line items, types and timing
of expenses, amounts and budget accordingly. Remember categories like miscellaneous,

discretionary, maintenance, emergency and others. These will also provide you with a
little more flexibility when you do have to massage your money, budget and cash flow
processes to meet need, demands and change.

 It is of utmost importance that we are able as family budgeters to allocate and adjust
expense items, prioritize need with foresight, discretion, informed choice and empowered

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