Your Questions About Family Budget

Mary asks…

what is a good way to start a family budget?

I am looking for a easy budget plan to set up for my family. I don’t want anything confusing or time consuming.

richmama answers:

I agree with Mary… I set up my family budget with a clear list of all our expenses: Mortgage, Car payments, Daycare, Etc. With the days they are due. For the variable expenses, I looked back several months to see what we spent on average on Food, Gas, Cash Withdrawals and Miscellanious. If you see an area that you are overspending, it’s easy to see where you need to trim back. Then list your income to see what you have left. I recommend putting Savings under the expense catagory, otherwise people don’t do it.

Most people have some debt, but may not truely know how much. Along with the budget, to the side of the item like “Credit cards”, put the overall balance. The only way to pay off debt and manage a budget is to have a very clear plan.

List all the debt in another area in order of priority. For example, my husband and I owed a decent amount on credit cards, then a small loan for our wedding rings, one for our golf cart, and student loans. The credit card was the highest interest rate, so we paid the minimum on everything else and paid as much as possible to the credit card. Once that was paid, we compounded what we paid for the credit card along with the next item (student loan) and paid that off like crazy. By the time we got to the last item, we were paying $800 a month off our last debt because we compounded it.

I know you said you didn’t want anything time consuming, but if there is anything to spend a few more minutes on a month, it would be your family finances.

Lisa asks…

Where can I find some family budget spreadsheets?

I want to make a budget for me and my family. I been trying to make one for the last couple years. We have some debts we wanna pay off and a financial goal. thanks for your time.

richmama answers:

Right on your computer. Microsoft spreadsheet. Use some accounting tools, like assets, liabilities, and owner’s equity. Then break it down from there.

Nancy asks…

How do I create a family budget?

How do I create a family budget that’s easy to implement and follow for years to come?

richmama answers:

I would recommend spending $19.95 on a book Called “Financial Peace” Written by Dave Ramsey. “More than Enough” is also a good second book if you like the first written by the same author. The book is written on an easy to read (6th grade level) It covers budgeting and gives sample budget’s it also encourages you to sit down with your spouse to establish and keep a budget. I do not use all Dave Ramsey’s suggestions but anyone that does will not go wrong. The base of his teachings is very valid and useful. I firmly believe anyone starting out with these tools will not go wrong. Remember in life though a little common sense goes along way Good luck to you

Donald asks…

Best websites for establishing a Family Budget?

I need to get my family on a budget. I’m Bad with money and am willing to learn how to get better- but I need a starting point.
Any suggestions?

richmama answers:

I suggest you go to Dave Ramsey’s website. He has a lot of financial forms or you can do the budget on line. He also has an easy to understand book The Total Money Makeover to help navigate a budget, get out of debt, save for emergencies, save for big purchases, save for collage, retirement, etc.

We have used his plan for about 3 years, we love his advice.

If you end up thinking he is too intense then try Crown Financial (link below).

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