Keeping your Family Budget on Track

by Marcy on July 5, 2018 · 0 comments

Family Budgeting

Is Your Family Budget on Track?

 

You are a wife, a mother, a friend, and a dedicated volunteer in your community. You are so busy that many wonder how you do it all. Nonetheless, you do do it all, and the only thing that keeps you on track is everything running smoothly. If something goes awry, you spend the next hour shuffling, scrambling, and trying to get back on pace. What about your family budget? Is it on track or is it working against you? If the latter throws you off task constantly, here are some ways to rein everything in.

Budget Efficiency

If you wonder how a family budget would throw you off track, think about the headaches an ineffective budget causes. Do you spend excess time sitting at a table with a stack of bills trying to figure out how to pay them all? Every second you spend robbing Peter to pay Paul is time away from other important tasks. The money you bring in must be more than the money that goes out. If your budget isn’t set up that way, it isn’t efficient and it is working against you instead of for you.

Imagine earning the cash to pay everything you owe without worry. In fact, you have all of your bills set up on auto-pay and they are paid without a lift of your finger. How much time would you save if you didn’t have to sit down and pay bills, haggle with creditors, or figure out how to make it to the next paycheck? In some cases, you cannot help your financial troubles. You simply don’t make enough money to make ends meet. In all cases, however, there may be ways to maximize your budget.

 

paying bills

Really Look at Your Take-Home Pay

First, look – really look – at your take-home pay. How much do you actually bring home each month after taxes and other deductions? Do you have any other income, such as alimony, child support, or a trust? What is the grand total of money you receive monthly? Once you have this figure, it’s much easier to make your budget work for you because you know to the penny how much you can spend. Don’t think you bring home $3,000 a month when that is the amount before taxes. This is a budget trap.

Now, Look at Your Expenses

Now, take a look at all of your expenses with an accountant’s eye. Don’t be easy on yourself. Do you really spend $200 a month eating lunch out every day? Do you really spend $150 a month on frou-frou coffee drinks? When you take the time to look at your expenses line by line just as an accountant would, you begin to see where you waste money, and usually, it’s much more money than you realize. The amount of money saved alone when you pack your lunch every day is astounding.

You can also save a ton by brewing an extra cup of coffee at home and pouring it into a travel mug. If you cannot live without that caramel flavor you get from the coffee house, buy flavored creamer. Look at your wants versus your needs and be honest with yourself. Your wants are likely killing your budget. Other expense savers include cutting the cable or satellite channels, cooking at home instead of eating out, and bundling your insurance coverage. A Columbus insurance agency can help with the latter.

When you take an honest look at your entire family budget, you can see where there is hemorrhaging and you can take the steps to stop the financial blood loss. Once you take those steps and your budget is in the black instead of the red, you can place everything on auto-pay and use the time spent paying bills and haggling with creditors for other things. This is a family budget on track.

Disclosure: This is a sponsored post, not written, but approved by me. View my disclosure policy for more info.


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