How to Set up A Household Budget

Do you want to know how to set up a household budget?


basic-household-budgetSetting up a household budget is not as hard as many perceive. According to experts, the first thing to do is gather your monthly income. This includes job-based revenue, along with other monies that you make on a monthly basis. The latter can include interest on bank accounts, along with money earned from investments or business endeavors. Once you have an approximate number, you need to create a spreadsheet with your approximate monthly earnings. Programs like Excel have existing templates to determine monthly or annual household budgets. Next, you need to take into account all your monthly expenses. This can include groceries, electricity, utilities, credit card bills, and mortgage payments if applicable. No matter what your monthly expenses are, you need to include them on the household budgeting sheet.


The next step is to simply subtract your monthly expenses from your monthly earnings. For example if you make $3,000 a month and your expenses total $1,500, the remaining balance will be $1,500. You can then deposit this money back into the bank, or allocate it for any unseen expenses within the month. The key to any successful household budget is cost-savings. Depending on your income, you may have to curtail your household expenses per month. Due to the recent fiscal crisis, there are several people still struggling to make ends meet. As a result, most are living on fixed incomes, or are facing financial constraints across the board. One way to secure extra income, however, is by eliminating any unnecessary expenses per month.


The best way to do this is by subtracting non-essential expenses from essential expenses. For example you will need food, electricity, water, and gas for your loved ones and household. There are known as basic necessities, which simply cannot be curtailed or avoided. Non-essential expenses relate to entertainment, eating out, or excessive use of electricity. Therefore, instead of having the air conditioner run day and night, you can open your windows to secure proper airflow and distribution. This will lower monthly energy costs, which can result in savings and more money per month. You can also limit both television and computer use to a few hours per day. Cooking at home can also prevent eating out, which can really add up at the end of the month.


Even if you have a limited income after expenses, there are ways to make the most out of your household budget. For example you can purchase generic or standard grocery products, as opposed to high-end brand names. You can also use a water filter, instead of purchasing costly bottles per month.

Your Questions About How To Pay Off Credit Card Online

Richard asks…

How can I immediately pay off a Credit Card bill (online)?

I have to pay my credit card bill by today 10/12.

I was hoping there was a way to immediately pay it off. The Bank of America BillPay says it will deliver the payment tomorrow.

Tomorrow, unfortunately, is too late…

Any help would be wonderful!

richmama answers:

Visit your local Bank of America branch.
Take cash – a check may require a couple of days to clear.

Robert asks…

How do you set up online bill pay for Visa, to pay the credit card off?

To my knowledge all other credit cards( Discover, Master Card, etc.) have an easy system for online bill pay, but I just can’t figure it out on the Visa website.

richmama answers:

You have to go to the site for the particular bank that issued the Visa. Look on your statement for the website or call the number on the back of your card.

You could also pay thru your bank’s online billpay. Most bank accounts offer it for free. You can schedule payment of all your bills and even set up auto pay for recurring bills like rent or car payments. Yet you have complete control and can change or cancel a payment up to a couple days before the due date. You also have a record of the online transactions that you can easily access.

Donna asks…

Pay off VS Angel Credit Card with another credit card?

So the reasons I got the VS credit card is for the points and also because my mom offered to pay it off. The way she would do that is with my credit card that is through her. The girl at the store told me you can pay by cash, check, or credit. So I went online to pay it off, no credit card option. I go to the store to pay it off and they say cash or check only but you can pay by credit card online. My question is HOW!? And why do these ladies keep saying this if it’s untrue? Gah.

richmama answers:

By law it is not permissible to make a credit card payment with another credit card, however it is permissible to make a payment using your debit card that has a Visa or Mastercard logo. Cold hard cash and checks are also great ways to pay (as you already know). I hope this help you.

Thomas asks…

Paying for Student Platinum Plus Credit Card online?

How do you pay your credit card balance online? I checked and it asks for things company name and their account number and what not which I don’t have. When I click transfer, it gives me the choice to transfer money from my checking/saving/credit account to my checking/saving/credit account. What’s the easiest way to pay off the credit card?

richmama answers:

Easy way is to set down write a check for the balance owed and post it in the usa mail system!!! I do it monthly and have yet to have a problem!!!

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