Changing Your Perspective Towards the Family Budget
Many people view budgets as a bad thing because they feel that they have to have a calculator glued to their hand at all times in order for it to work.
Other people think of a family budget more like a set of suggestions and barely look at it.
As you can see, there are definitely some variances in the way people view family budgets.
Regardless of if you fit into one of the two extremes mentioned above or are somewhere in between, the tips below may help you broaden your perspective in regards to the family budget.
1. Family budgets can be flexible.
If you are one of the people who view budgets as a strict set of numbers that cannot be altered, for any reason, embrace the fact that budgets do have some flexibility in them.
For example, if you spend $20 more in groceries one week, then take $20 out of another area to make up the difference.
Just try not to make a habit out of this and you’ll be okay.
2. Pennies do not have to be tracked in a family budget.
A lot of “type A” personalities tend to think that every penny has to be accounted for in a family budget, but this is not the case.
Don’t misunderstand, you can keep track of every cent you spend if you wish, but this may become pretty stressful.
An alternative would be to round everything you spend up to the next dollar.
For instance, if you spend $31.24 in gasoline, take out $32.00 from the “Gas” fund at home.
Yes, your bank account will not match your budget, but in this case that’s good because you’ll be creating a “cushion” for yourself by rounding up to the next dollar.
3. A budget should fit your family’s needs…not an outline.
While you may have pulled a nifty little budget outline off the internet somewhere that you think looks cool, that doesn’t mean it is right for your family.
More than likely, there will be areas that you will need to tweak in order to make it the perfect budget for your family.
Don’t be afraid to make the necessary adjustments as it will make you and your family happier.
4. Establish an “emergency” fund.
To help prevent yourself from getting further into debt, start an emergency fund that is strictly for emergencies.
You and your family members will need to be on the same page about what an emergency is though.
For instance, if Sally falls and busts her head open then a trip to the emergency room for stitches is an “emergency.”
However, running to the store to find the perfect pair of shoes to go with an outfit because you don’t have any to match is probably not an emergency.
5. Involve everyone in the family.
The point of a “family” budget is to get your finances back in order as a family.
To do this, everyone in the family (household) needs to be involved.
This will help ensure that everyone knows about the budget and won’t go out and spend money without consulting it.
Additionally, when everyone is on board with it, it’s easier to stay motivated as everyone can encourage each other.
6. Don’t hold grudges.
This is another tip for the “type A” personalities…don’t hold grudges against family members who accidentally break the budget.
Everyone messes up from time to time (you will too).
More than likely, the person who overspends will feel bad enough and griping and nagging will only worsen their outlook on themselves and the budget.
If someone continues to break the budget on a consistent basis, then a family meeting may need to be held in order to get it straightened out.
However, don’t hold grudges
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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