In this tough economic times, budgeting is a one word that most husbands and wives get uncomfortable when anyone mentions this touchy subject. This is because some are convinced they make too little money to budget. Others think they have no head for figures and can't make a budget work.
First, here are four keys of financing. They are essential before any budget can be put into operation:
1) Make budgeting a family project. Get everyone involved. Of course, the husband as head of the family should take the lead in planning and sticking to a budget. But the councel and cooperation of every family member is necessary.
2) Shop wisely. Evaluate an item by more than the price alone. In the way it will affect you psychologically, an item of slightly higher price may be a far better investment.
3) Save. A big source of misery in family matters is the habit of living without savings. Some are convinced that saving is out of the question for them. But most people would not be in the trouble they are in had they only learned to practice this law of finances earlier.
Even if you are in financial difficulties, you need to begin a savings. It need not be large at first, just enough to develop the habit in you. Later when you have gotten out of trouble, you will have established the pattern in your life. Many people live so close to the edge that just one extra bill pushes them over the edge into financial oblivion. How good it would be to have enough savings to pay that one bill you did not anticipate. It is easy to have it if you will just start puttings a small amount away from each of your future paychecks.
It is important to have a complete list of expenses especially if your income is low or you are deeply in debt. There are a few items that must be included in all budgets:
Clothing. This is a sore spot for some families. They may manage to get what they need, but only a great pains to the budget. Clothing is a long term need, and some forget that they will need money to buy clothes. When the time comes, it become a painful matter of squeezing out money here and there. Why not just save a little from each monthly income? You do not need to spend it immediately, but when you need it, it will be there.
Entertainment. Many families feel they cannot afford entertainment. To them it is an unnecessary expense. But entertainment is a necessary for a balanced family. Many of us would be overwhelmed with the happiness that can come simply by setting a small amount away each check for entertainment.
Pocket money. It seems minor, but incidental items can do more damage to a budget than you might expect. You probably would be surprised if you knew how much money you spend on small, everyday items - tooth paste, haircuts, newspaper, to mention a few. This division of the budget may not need to be large, but if you do not include it, this one small point can wreck all your other efforts.
First, here are four keys of financing. They are essential before any budget can be put into operation:
1) Make budgeting a family project. Get everyone involved. Of course, the husband as head of the family should take the lead in planning and sticking to a budget. But the councel and cooperation of every family member is necessary.
2) Shop wisely. Evaluate an item by more than the price alone. In the way it will affect you psychologically, an item of slightly higher price may be a far better investment.
3) Save. A big source of misery in family matters is the habit of living without savings. Some are convinced that saving is out of the question for them. But most people would not be in the trouble they are in had they only learned to practice this law of finances earlier.
Even if you are in financial difficulties, you need to begin a savings. It need not be large at first, just enough to develop the habit in you. Later when you have gotten out of trouble, you will have established the pattern in your life. Many people live so close to the edge that just one extra bill pushes them over the edge into financial oblivion. How good it would be to have enough savings to pay that one bill you did not anticipate. It is easy to have it if you will just start puttings a small amount away from each of your future paychecks.
It is important to have a complete list of expenses especially if your income is low or you are deeply in debt. There are a few items that must be included in all budgets:
Clothing. This is a sore spot for some families. They may manage to get what they need, but only a great pains to the budget. Clothing is a long term need, and some forget that they will need money to buy clothes. When the time comes, it become a painful matter of squeezing out money here and there. Why not just save a little from each monthly income? You do not need to spend it immediately, but when you need it, it will be there.
Entertainment. Many families feel they cannot afford entertainment. To them it is an unnecessary expense. But entertainment is a necessary for a balanced family. Many of us would be overwhelmed with the happiness that can come simply by setting a small amount away each check for entertainment.
Pocket money. It seems minor, but incidental items can do more damage to a budget than you might expect. You probably would be surprised if you knew how much money you spend on small, everyday items - tooth paste, haircuts, newspaper, to mention a few. This division of the budget may not need to be large, but if you do not include it, this one small point can wreck all your other efforts.
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