Page 49 - How To Set Up a Family Budget The Easy Way

 Family budgeting can help you get, be and remain in control of your money and family’s
financial situation. Be kind to your pocketbook!

 Set aside time to work on your household financials and budgeting processes on a regular
basis. Keep it up to date and accurate. This way you can spot problems early, react
quickly and come up with creative solutions in the short-term to address any issues,
challenges or shortfalls. Be on top of things.

 Family budgeting helps you know your own financial facts. You will be able to know,
instinctively and exactly what is going on with your cash-balance without even looking at

your statement necessarily! A good test to tell whether someone is using a family budget
for their household is to have them write down the exact amount they have in the bank
today, and as of now also on their person, in their wallet. Add the two and write down the
total right now.

What did you learn from this exercise? Let us take it one-step further. What do you owe?
Include credit cards, car financing, mortgage and other debt. Subtract what you owe from

what you have. Have you learnt anything by doing this simple exercise? For most of us the
answers would be astonishing! This hands-on involvement and knowledge about your
finances helps some and not others. For some of us just glancing at our statement now and
again, having no idea as to what is in our wallets, is quite all-right too. (That is, as long as
you are not finding ways to spend it without realizing it!)

 In family budgeting, do not be hesitant to set stretch-goals too. Whether you get there by
cost cutting, taking a second, part-time or seasonal job or find another source of

supplemental income, it helps your raise the bar even higher.

 Family budgeting is not just about budgeting to the last cent and flying by the seat of
your pants. It offers structure, wisdom, decision making and reward for the serious and

tenacious amongst us. Taking it on as a major and regular task and priority will change
your quality of life, sometimes without you even realizing it.

 You are in it for the long haul! Take responsibility for spending. It this means laying
down some ground-rules in your household and cutting back on a couple of luxury items,
that needs to be discussed, agreed upon and stuck to, to make your budget work and have

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