Summary
Gallup survey found that about 2 in 3 households don’t keep a detailed budget. The process is easier than ever thanks to different budgeting tools.
Do you know how much money you make? It sounds like a silly question, but a lot of families operate on guesses and hunches rather than concrete numbers. The next step of building your family budget is to calculate your income.
If you want to know how to create a family budget effectively, you have to understand budget categories. Consider the 50/30/20 rule of thumb and then list out the different categories that fit your family’s needs, wants, and savings goals.
The key is to examine your own needs and wants, as well as your savings goal. Build your budget categories and budget amounts around the specifics of your family. The biggest benefit of using a budget app geared toward families is that it can save a lot of time and reduce family stress.
Review your budget monthly. Make it fun! Some couples review their family budget with wine and appetizers. If you want to make it a full family affair, you can tie it into pizza and game night.
Don't let your celebrations sabotage your budget. Frugal fun ideas like pizza night, family game night, exploring new parks, impromptu dance parties are all ways to reward your family without breaking the bank.
