Getting the Family Involved with Budgeting

Budgeting is a necessary task for families. It can be easy to lose track of spending with more than one person to account for.

To make it easier, get the entire family involved in the process.

What is a budget? Many have heard the word but don’t know where to start when creating one.

That includes you kids and your spouse.

If you are the one paying the bills, don’t go it alone.

Everyone can help once they know what is involved.

Before taking another step, get the family together for a meeting. Explain the financial situation.

Kids who are involved in financial matters (to an extent that is deemed necessary by the parents) can make better informed choices for their own financial futures.

As a benefit of the experience, they learn how to manage money, the emotional side of finances and to work together towards a common goal.

With that said, let’s learn how to gain assistance from the entire family when it comes to spending wisely and saving deliberately.

Family Budgeting Tips

1. Explain budgeting – Go through the process.

Budgeting is a way to account for money coming in and money being spent so that there are funds available for everything you need to pay.

You may have to break it down for the kids but make sure that they understand.

2. Begin with a rudimentary budget – The budget you start with can be tweaked as needed for your purposes.

Write down all income. If a child has a job, get them to also begin a personal budget using their income as a base.

Don’t forget to track expenses. For a month, keep all receipts from ATMs and stores to log at the end of the month.

3. Begin an allowance for the kids – Provide age appropriate amounts each week for your kids.

Stipulate that you will provide for their needs but that their allowance is used for their wants.

Help them to budget their allowance just like the household income.

4. Ask for ideas for low cost or free ways to entertain – Join the local library. You can then check out books and videos to watch at home instead of using a DVD delivery service.

Kids can be instrumental in coming up with ideas. Reward them with a small fee for their input if you use it.

5. Use software – Programs like QuickBooks and Quicken can help you record your income and expenses easily.

This way, you can show the entire family at a glance what needs to be eliminated from the budget or at least pared down to save money.

6. Encourage kids to cook – Cooking at home saves money.

Let their creative juices flow as they work with you to plan and cook breakfast, lunch and dinner.

Don’t bear the financial burden alone.

Get the family involved with a budget from the beginning.

Learn more about budgets and managing your money when you read the rest of our information here about: How to Make a Budget and Save Money

It is one of the most important life skills you can learn as the sooner you take control of your finances, the sooner you can grow your fortune in life.

You can also get my free book download to help you learn how to save money on groceries:

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