Build a Budget That’s Right for Your Family

Building a budget is simple, you just have to take it in small pieces. Breaking down what’s left over or needed after bills will help you prioritize in the best way for your situation.

Effective money management is an important responsibility for all families charting a roadmap to financial success.

Whether you’re calculating the amount of money needed to live month-to-month or saving for a specific purpose like buying a home, a budget can help you plan.

Start by calculating your monthly income. This includes not only the amount you may get from a regular paycheck, but also any money you get in government aid, child support or pensions.

How much do you spend monthly? Calculate all monthly expenses including your rent or a house payment, utilities, car and medical. Don’t forget about costs associated with children, food, personal items or any additional debts.

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Once your total income and expenses are established, it’s time to set some goals and build a budget around them. Setting priorities will help achieve your financial goal, whether it’s paying down debt or saving for your first home.

Staying on budget is a family affair and sometimes requires sacrifice.Committing to a plan can be challenging, but stick with it, and your financial goals can be achieved.

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