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budgeting

Who Needs a Family Budget. Do you? Not sure? Here’s how to determine if you do or not.

A) anyone who recognizes the need to budget;
B) those who have never or not yet learned how to budget;
C) individuals or groups who are looking for a first-step debt-consolidation strategy and technique,
D) someone who has come into some money through a lottery, casino win, gift or inheritance and want to ensure they know how to budget properly before they start spending left, right and center.
E) It is good for moms , dads, grandparents, children, friends and families to do.
F) It fosters independence and fiscal responsibility, accountability and stewardship.
G) Even those with reasonable income, now receiving less, will find some answers here.
H) The one who needs to understand expenses that need to be adjusted; and
I) even those who prefer to feel and be in control of their expenses.

Family budgeting enables them to be in the position to know where they need to modify their lifestyle and make significant adjustments to ensure a bright and happy financial future.

Some of the most important process elements and content pieces of family budgeting to read more about, study, learn and practice, hone and refine are:

A) A fundamental understanding of the principles, merits and mechanics of budgeting and the budgeting process itself. All the process steps to get your through the journey and to the resulting document, tool or magic numbers!
B) Distinguish between fixed, variable and discretional expenditure(s)
C) Identify and categorize all expenses, breaking them into categories and line items, time-frames, other detailed sub-classifications and clustering;
D) How to set-up housekeeping budgets and what to consider
E) Identifying hidden expenses
F) Identifying areas of discretionary spending, habits and perhaps over-spending risk areas
G) Setting up expenditure recording systems
H) Decide on the best way suitable for you and your family to monitor what you spend
I) Set-up a very basic Home/Personal Budget Filing System
J) Any calculations, formulas and budget principles you think will help you maximize and optimize your cash flow and money-management

Most of us are used to having a short-term focus on money and budgeting. A paradigm-shift is required to move us towards a more in-depth, longer-range view and planning.

Set short, mid and long term goals, have a definite structured plan, read up on family budgeting, personal financials and fiscal management strategies. All of this will help us focus on what is important for our needs, requirements and circumstance, while keeping financial discipline and budgeting in the forefront of our busy lives.

This is never an easy task amidst all the hustle and bustle that is our daily lives!

Most of the published literature on family budgeting in general centers around how to get out of debt, stay out of debt and live a full and prosperous life.

Some suggest frugal living is the answer and offer ‘your money or your life’ perspectives, where you cannot necessarily have both. There are many examples advocating the cheapskate monthly makeover that focuses on shaving costs off expenses and living frugally.

Market providers both online and offline, offer various budget kits which offers worksheets and more and there is always the handy tip-like Coles notes and the pocket idiots’ guide to living on a budget.

Other sources focus on becoming totally debt free, debt proofing your life, getting a life and choosing simplicity or how to address credit card debt and expenditure.

We have chosen to take a very hands-on, practical approach to fiscal management and get you started, walking through the budgeting steps and set you up, sending you off, well and good, on-course to solid budgeting in your family and household!

Be sure to stay tuned for more budgeting tips!