Family Budget Planning Part 3

Happy Monday! Glad your back and continuing to stay with us on the Family Budget Series. In this post of the series, I will outline what is needed to examine what your own family budget looks like and/or how to get one going so that spending can come into focus as a family commitment. Finding out what is the take-home pay is a crucial element in this area. Take-home pay is what is left when you look at your pay stub, pay receipt or a direct deposit attachment where all deductions are itemized and the "NET" amount is what the value of your pay check.

This impacts the family and they need to be involved! - "The Take-Pay and the expenses tied to it could include other family members". This could be one member or ALL members. Getting them involved in a clear discussion about how the
ENTIRE family must support goals and expenses with acceptance is vital to having a healthy structure.

Ask yourself and the entire family -
"Where does our money go? Where are we spending our family pay? What can we cut out or do without once a month or twice a month?

Here is a list of things most household's have: Take a realistic eye at this and ask yourself what am I spending on these items and what can my entire family help with in getting a grip on expenses.

Necessities like food
􀂃 Clothes laundry dry-cleaning
􀂃 Car and transportation expenses: gas, oil, parking, license, plates, car repair, train fare or bus
fare
􀂃 Rent, mortgage payments, heat, electricity, phone, water, property taxes, house repair,
appliance and repair, furniture, small items for home, cleaning supplies on the yard care,
􀂃 Medical and dental expenses: doctor, dentist, drugs, hospital or clinic.
􀂃 Savings: short to medium term for something soon, a future purchase, emergencies,
investments.
􀂃 Installment payments: car, furniture, appliances, charge accounts, credit card accounts, loans.
􀂃 Pocket money, personal allowances, tobacco, beer, wine and hair care.
􀂃 Entertainment, movies and eating out Recreation, sports and equipment, club

This is just a basic list, but it should get your mind moving!!!

On my way to meet an entire family who is seeking credit clean-up help and are believing for a new home!

Have a fantastic day!