Family Budgets: Wants versus Needs

In order to have an effective family budget, it’s important that you address the real problem: determining the difference between wants versus needs.

This can be a frustrating and difficult thing to do, but it is possible.
Here are some tips to help you.

Living Accommodation

This is one expense everyone has as you have to have somewhere to live.

However, you can easily get in way too deep if you let yourself be overruled by your wants instead of your true needs.

• Apartment or House?

When you make this decision, you need to think about what you really need.

Is it just you or do you have a family? Do you have the income necessary to support buying a house?

What you shouldn’t be worried about is what your friends and family will think about your decision.

Keeping up a house takes a lot of time, money and work…do you have all of that?

• How Big?

The more bedrooms and bathrooms a place has the more it will generally cost, regardless of whether it’s an apartment or a house.

Therefore, carefully consider you and/or your family’s unique needs.

Do you really need more than one full bath? Does everyone in the house need his/her own room?

Clothing

Clothing is a without-a-doubt a basic necessity. However, notice the key word in that sentence? It’s “basic.”

The clothing you and your family members wear doesn’t have to be brand new or the latest brand name clothes either.

What you need are clothes that fit properly, keep you warm (or cool in the summer) and look nice.

While you may want the name brand clothes, it may not be feasible at this time.

You’ll save a lot of money if you rein yourself in and only purchase the clothes you and your family members really need.

Groceries

Food is a big expense for every household each and every month. Like clothing, it is a “basic” necessity.

If you want to save money on food, then you need to keep it simple.

Buy enough food to provide you and your family with 3 meals a day and 2-3 simple snacks a day.

Don’t purchase a lot of processed foods or sugary treats.

Stick to the basics – meat, fruit and vegetables.

Cooking more at home will also help decrease your food bill too.

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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