Page 35 - How To Set Up a Family Budget The Easy Way

Keep an envelope in the car for the credit cards you use. When you buy anything using a card,
put the receipt in the envelope as soon as you enter the car. Keep changing the envelope every
month. This will save you time and hassle when looking for receipts.

9. Only twice a month
Separate all bills to be paid on either the 1st or 15th of the month. This enables you to pay all
bills at once and on time. An added bonus is that you will also immediately know how much

money you have left over for entertainment, vacation and other discretionary items.

10. Split into Savings and Checking

Figure out a budget based on a savings account/checking account split. Savings builds up for
things like real estate taxes, vacations, and insurance. Checking is monthly (e.g. phone, groceries,
etc.). Split your monthly income into the savings and checking accounts according to the budget.
Savings amounts are strictly budgeted. The checking account is controlled by watching the

balance until the next payday.

11. Respect your partners need for financial security

Everyone likes to buy their toys, but the overall financial security of the household needs to be
considered first. I am not against toys; just save up the money first to buy them versus putting
non-essential day-to-day expenses on credit.

An example of a toy in my relationship was the spouse's need to have a big expensive truck in

the driveway. I was not against the truck, I was against the debt to purchase the truck when there
was no money in the savings or money built up for college tuition. Be considerate of the overall
family financial situation and provide financial security for your family.

Moreover, on ‘living within a family budget’, online users listed FOURTEEN more great
practical suggestions on family budgeting:

1. Stay busy after work
One "easy" way to avoid overspending and thus stay within your budget is to have something
else to do after work. Get a second job that is fun, go to school, volunteer or get into great

physical shape. The more you do, the less you will spend!

2. Watch those miscellaneous categories

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