Family Budget Planning Cont'd

So, yesterday we took a close look at what it is to have and create a budget. I shared what is needed to identify the main "Obligations" that should be in the paramount in getting grounded in budget planning. A lot of my friends I have seen struggle with budget planning and it's not just the my single friends but my married ones with children. It took me years to get acquainted with creating and managing a budget. I must admit, it can be painful, but the more you work at - the better it will be, and you will discover you really have more money than you thought. So, let's outline it.

STEP 1: Figure out your true take home pay

STEP 2: Figure out your expenses

STEP 3: Figure out what you spend on "each" expense

STEP 4: Do the match up. Does your spending on each expense go over the take home?

STEP 5: Balance it. Does the expenses need to be there? Can you live without Starbucks 3 days out of the 5 days in your work week? If Christopher is in Little League next month and you need $150 for his uniform and camp - can you budget for that this month - by saving for it? Instead of emergency reckless spending the day before the Registration?

In my next post, I will outline how to structure each step. Family budgeting will save your life, your sanity and your ability to live some - if you take it to heart.

My team and I work with families seeking to buy a home and alot of time, this very same exercise is what gets them in the home when they thought they couldn't afford to become a Homeowner!

If homeownership is something you desire - you can do it! If you just want more peace of mind - you are always in control - Remember that!

Have a wonderful weekend!