Family Budget Ideas
Family Budget Ideas
As your family grows and kids get older, you may start to notice that you need to rework your budget to include more than just your monthly or weekly expenses. You should also make a family budget that includes allowances, field trips, school events, soccer, cheerleading, and more. When making a family budget it is nice to include the entire family. This is the perfect way to help teach your kids how to save money and include them in the process. Below you will find a few family budget ideas to help you get started.
Family Budget Ideas
Include The Whole FamilyFirst, ask your partner what he or she thinks about the family budget. Sit down and work on one together, but be sure to leave room for the kids to offer input, too. Next, ask each child what he or she needs to feasibly spend each week {depending on the age of your children}. This is a great chance to start teaching your child how to manage their own money. Have them list the activities in which they are involved, any school events they know are upcoming, and any weekly expenditures they have. You will be able to get a better understanding of your family budget knowing what everyone needs to spend each week. If you have younger children like I do, you could ask them what they would like to save for.Ways To Manage ExpensesAgain, as a family, manage the budget. The more you explain the budget to your kids, the more they feel involved and understand, the more they will stick to it. For example, if your daughter has prom in a month and you know you need to buy a dress and shoes, tell her she has a $100 budget and one month to find the items she will need. Once she sees the rest of the budget and where the money is going, she will understand why you have limited her monetary amount on the items she deems important. If your son goes bowling every weekend, show him how he can save money on the snacks at the bowling alley and still have fun with his friends. Not only will them help your kids understand what it is like to budget, but it will help prevent arguments over money. It can be hard for kids to understand why you will not purchase an expensive item.
Make A Saving JarHave each person make a savings jar or an envelope and place their monthly budget in it. If your son has a basketball expense, he takes it out of the envelope or jar in his room. If he needs new shoes, he pays for them out of the money you give him for that budget. This saves you money and teaches him to save like this: You tell him he has $60 to buy shoes, he wants extra cash for a video game, he finds shoes for $40 and spends $20 on the game. This just saved you $20 by not having to get the game for him and showed him how to manage his own funds. This may be difficult to start in the beginning since you will not know exactly how much you are able to budget. In time, you will learn your expenses and extra income each month. I suggest to get started with this by having a savings jar that the entire family can contribute money into each month.Create GoalsHaving saving goals will help your family understand the bigger picture. It is hard to not spend money on items that you want every day, but if you are able to show your kids if the family saves a particular amount each month then your Summer vacation is attainable.Take a look at our Free Monthly Budget Template to help you get started on creating your family budget.
More Ways to Save Money:
Creating a BudgetHow To Save Money For Your Hobbies4 Financial Vows Every Newlywed Should TakeEating Organic on a BudgetAlso, make sure you checkout the Frugal Fanatic Facebook page and follow us on Pinterest for DIY projects, recipes, money saving tips and more. What family budget ideas do you have, please share in the comments below.