Try to look at enough bills and statements from the past year to understand your usual earning and spending habits. It can help to look at past salary statements, benefit statements, bills, bank statements and credit card statements. One way to start budgeting is to list the: The key to budgeting is sticking to a basic rule – spend less than you earn. Working out how much money you need for everyday essentials like food, housing, utilities like gas, electricity, phone and water, transport and medical services can help you work out how much money you can set aside to cover unexpected expenses, save for the future and buy things you want.īudgeting can help you and your family take the first step towards control of your money. set aside money for unforeseen expenses – for example, if your car breaks down and needs repairs.save money for your family’s future – for example, preparing for another child, buying a house or investing.save money for the things you like but can live without – these are your wants.spend your money wisely on the things you must have – these are your needs.That’s because a family budget helps you: A family budget: why it’s a good ideaĪ family budget is essential to managing your money. And involving children in planning and budgeting can make it easier to achieve savings goals together. Honest conversations with your partner, if you have one, can help to reduce conflict about money. It lets you enjoy family life, rather than worrying about your finances.Ĭommunication in your family plays an important role in managing money well. Money management can put you in control of your money, which helps you reduce stress and feel more secure. Basic money management is about meeting your family’s everyday expenses, handling unexpected bills and saving for the future.
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