Tips for a Balanced Family Budget

For a newly married couple or established family with children, keeping faithful to a workable budget is not an easy task. Here are some quick, simple tips for a balanced family budget.

Tips for a Balanced Family Budget

Calculate Income

A regular paycheck and deductions for a 401(k), savings, health, and life insurance may provide an accurate beginning picture of income, savings and expenditures. Any additional income subtracting taxes and business expenses must also be calculated. An accurate calculation of income is necessary before a budget may be formulated.

Formulate a Budgeting Plan

Consider a 50-30-20 pan, which means spending 50% on necessities, 30% on things desired (wants), and 20% on savings and debt service. Plan for one-time or special events such as emergencies and college tuition.

Control Spending

Discretionary spending must be kept in check consistently, with no exception, or the budget will fail.

Track Progress

Record all expenditures using budgeting tools or applications that track all spending.

Automate Savings

Setup automatic money transfers for the deposit of wages and payment of expenses, as much as possible, so money allocated for a specific purpose may arrive at its intended destination with minimal effort and delay.

Adjust a Budget as Necessary

Income, expenses and priorities change over time. Budgets must be reexamined, revised, and adjusted as necessary.

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