Family Financial Planning Part 5

Hi Everyone! Happy Thursday. Well, we are continuing our develop of understanding, learning and identifying a budget plan for families. In our last few posts we are honing in on what steps were needed to identify the take-home pay and the obligations that typically knock out any kind of spending without some parameters. Next let's look it the things and/or items that are often "Necessities". Let's start a list like this,:
headings like: food, groceries, gas, yard maintenance, security, pest control, utilities: gas, water, electric, garbage, sewer; school lunches, household supplies, car maintenance, monthly parking, housekeeper, household repairs, internet service, dry cleaning, cable TV and more.

These are things that for some people are ALL considered necessities. In my home, monthly parking isn't an issue, but someone commuting every day it is.

Try lining these items up, and placing a cost identifier. How much? Is it REALLY needed and then, start subtracting from that take-home pay.

This is an exercise that will truly allow you and your entire family see what is happening with money. Sometimes, we get fixated on habits, a time of day we do things, and they often are costly.

I am glad this series is helpful to people. I am getting good feedback.

Have a wonderful Thursday!