By Chaoran HuMany of families are loath to do a family budget, it is distasteful as they seem. Though, it is really important for a family to map out where their expenses will go, and when will that happen.
The following tips can help you build a family budget that can effectively assist you through budgeting.
1. Utilize all the methods to track your money. You can either use Excel spreadsheets, or a pen to keep track of your consuming activities. So you can have a better knowledge of how much money you need, and how much are needed to set aside for family regular expenses.
2. Set a goal. No matter what goal is it, as long as it is something your family wants to achieve? It could be a trip to Disney land, or a trip of cruise. The goal can help you find the discipline to squirrel money by a certain deadline.
3. Limit your credit card. Stop buying on credit until you got all the credit cards under control and paid them down. Work out with family members a payment that can restrict them from over purchasing on credit.
4. When paying in person, use cash. By using cash, it will force you to see what you are spending, and increase your likelihood to show more restraint.
References:http://www.bhg.com/health-family/finances/tips/family-budgeting/
http://www.msnbc.msn.com/id/20072930/
http://www.cbsnews.com/stories/2008/10/18/earlyshow/main4530699.shtml
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