2077/07/30 (15 November, 2020 Sunday)

 Family Budgets

Its Introduction & Definition

It is necessary to define the Family Budget. Some general strategies are helpful in assisting families in prepare a budget or budget better. 

The first remarkable way is to change your own thinking about money, take your attitude toward spending, actually highlight on saving money, planning ahead, and driving for success

  • Maintain a greater awareness of how you earn, manage, save and spend money Awareness of how others would tempt, entice and wish you to spend your money (advertisers, retailers, and manufacturers)
  • To stop participating and playing the “Keeping-up-with-the-Jones’s game,” living with the false sense of wealth and security, while over-extending yourself and financial resources,
  • beyond your means. Do not be jealous of others and lust after things that they might have or even worse, get deeper into debt to compete or keep up appearances. It is counterproductive and can spoil lives!
  • Late purchase – learn and do, sometimes without having to buy! Set solid financial and budget goals for yourself and your family that you can work on individually and collectively to achieve together
  • Set spending limits and stick to them
  • Do not make ends meet utilizing credit cards, stay away from ATM machines, cash, cash advances, do not cheat on your budget
  • Consider your income – know where the money is coming from and how it varies throughout a one-year cycle
  • Understand your expenses – monthly and irregular, unexpected expenses
  • Set a few realistic financial goals
  • Know your own habits, spending, temptation, and where the areas of risk and exposure are.
  • Set up savings and spending mechanisms that work, reserve, and grow accounts and have the right number of credit cards
  • Make an income plan – detail is important
  • Plan your obligations and must pays – smooth out large size bills with reserve accounts
  • Plan your necessities and look for ways to economize
  • Set aside pocket money for daily incidentals
  • Create a family allowance to cover entertainment
  • Generate a personal allowance
  • Balance and consolidate, wise decisions and trade-offs – agree and stick to it
  • Live happily on a budget
  • Welcome to frugal living mode! Cutting back on living expenses – alternatives for simple living
  • re-examine why you work and how you live
  • stop tossing your hard-earned cash away
  • shopping, overwork, stress, and debt (some refer to this as an illness quipped: ‘Affluenza’!)
  • Rejoice when you have money left over at the end of the month – indulge a little and reward yourself – rewarding patience and persistence! Not just doing good and sticking with it

‘How to set up a Family budget’, is supporting a new code of fiscal honor for our families, so to speak. It suggests family budgets, that ask for sense (best choices and decisions), discipline (sticking to it), honesty (no cheating), determination, and festivity when we do it right!


         

         







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