Distributing the budget in a family is a question that often causes difficulties and even conflicts. However, a competent approach to this important aspect of shared life will eliminate any quarrels on this topic. Let's consider the important rules for saving and distributing the budget.
Discuss Financial Matters with Family Members
It is not entirely correct to make all the decisions alone when the budget is distributed equally among everyone. This way, you show that you do not wish to consider the opinions of your loved ones, who may also have valuable suggestions. Moreover, within the family circle, each member may recall an important expense item that you might have forgotten.
Major Purchases and Trips — in Advance
It is quite convenient to save a large amount in advance because you can easily calculate both time and money, and doing everything in a month is not the best idea. Try to divide the amount you need into several more manageable parts to save each month without compromising your daily expenses. This method will also free you from loans and installments.
Start Keeping a Record of Income and Expenses
You may have already tried doing this and then abandoned it. However, it is important to understand that this should be done according to specific rules, not just any way. You can simplify the task and create a table in Excel or any other convenient electronic format for clarity. Each section should have its own color if the table is electronic. If you are writing by hand, you can use colored pens or markers. All of this will visually separate expenses and income, making the process interesting and engaging.
Create an Emergency Fund
A financial safety cushion is necessary for every family, especially when there are children in the household. This amount can go towards unforeseen expenses: illnesses, equipment breakdowns, and so on. Choose a comfortable amount for yourself: it can be 10% or more of your salary.
Summarize the Month
By the way, this can be done with the whole family over a delicious dinner to discuss different opinions and viewpoints regarding the expenses for the month. You can also suggest ideas for optimizing the budget or reducing expenses.
Managing a household budget is not an easy task, but if you follow a number of rules, you can easily save family money. Various programs and life hacks make the task easier, so you definitely won’t get confused!
