SolveYourProblem
Article Series: Budgeting Tips & Advice
Help Me To Create a Budget, Save Money,
...and Stick To It!
11
Great Family Budgeting Suggestions & Tips
Here
are ELEVEN more practical suggestions and tips from online
users posted on the internet on family budgeting:
1. Keep a record book as well as your bankbook
It
takes time and requires a lot of self-discipline. Start each
month with the balance and enter every payment, etc in advance,
in the form of a calendar. It works well for most people
due to the fact that they always have their actual working
balance handy. Remember the comment about having your financial
information at your fingertips? Here is a sure-fire way to
get you on that path quickly.
2. Calendar calculations
Putting
regular bills on a calendar based on due dates and when salaries
are received proves helpful to some. This helps specifically
to get everything paid on time and keep in perspective where
the money actually goes, since all miscellaneous expenses
are also recorded.
3.
Getting bills paid
Working
out all the major and large bills (i.e., rent, car payment,
insurance, etc.), dividing it up so every week, that amount
is removed from the family ‘paycheck’. Therefore, at the
end of the month, there is need or risk to lose an entire
paycheck to rent or car registration.
4. 1-2-3-4 Plan
Divide
all bills weekly. A set amount goes to a savings account
each week. When there is a 5th Friday in a month, you have
a "free paycheck" to save.
5. Open a household account
In
a second checking account, deposit a sum that covers your
monthly expenses. Have all of your bills automatically withdrawn.
This account acts as a holding cell for household obligations
- the primary account is for day-to-day operations. Works
for me!
6.
A timely budget
Get
a notebook. List expenses and their due dates. Divide payments
into small amounts & use labeled envelopes for payments
and money storage. Reduce duplicate credit usage to 1 or
2 credit cards. Use the net for bill paying and to check
your accounts.
7. Yearly savings
Making
a list of all annual or once-a-year type bills (car registration,
shots for pets, school pictures, etc.) and divide them by
12. Save this amount each month and, when one of these items
comes up, you have the money to pay it. No more surprises.
8. Save credit card receipts
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.
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SolveYourProblem.com : 2008
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