Keep Your Paycheck Longer Than 3 Days
May 24 '01
The Bottom Line Keeping a Family Budget will reduce the stress between man and wife, and also between child and parent.
Managing a family budget is critical when it is either joining in marriage, and/or having your first, second, or third child. The sooner you start a budget, the easier it will be to stick to it. I will explain how my family budgets the paycheck and with a little magic and alot of bargains, you to can live the comfortable life you deserve!
Before we get started, take out or buy a fresh new notebook with lined paper in it. Pick out your favorite pencil, and when not using it, tape or velcro it to the inside cover so it is always there to use and will not be an excuse to not keep up the budget. Get comfy, and let's begin.
Bills
We all love bills don't we? Let's write down all of the bills you pay each month, including your Utilities, Credit Cards, Loans, etc.. Write down what TOTAL you owe, and what PAYMENTS you make each month. Put the total and payments in two different lines to keep them seperate and easier to read and locate later on.
Groceries
When it comes to groceries, the mistake people make is that they do not include costs for later on the next week, meaning in between checks. Budget for your big grocery day, whether it be twice a month or once a month, and then in a SEPERATE line, budget milk, formula, and toilet paper for a later date. This way it is there to use, or will roll into the next check if not needed.
Toileteries
We all need everything from kleenex to shampoo, so here is where you figure out what you will need each paycheck. Somewhere in your notebook, list what you need every 2 weeks that is a MUST in the health and beauty section and such. List toilet paper, deodarant, soap, etc.. Add it all up, then add $5.00 extra for taxes and extra items, and budget that into your final tally.
Children
This is where we went wrong- we just didn't budget or prepare for how much our children would potentially cost us. Here is where you should budget everything from diapers and wipes to ballet and soccer lessons. Make a budget for each child along with their own savings account- this will help to save money along the way that you may not need for the kids in a particular pay period.
***TIP*** Save money, buy your kid's clothes and toys during the summer at yard sales where that $50 you have budgeted can get you up to 30 outfits and name brand toys, such as Little Tikes and Fisher Price. I am living proof that your kids can have name brand clothing and toys, and save 75% while doing it!
Recreation
We all love to go to the Movies, see a play, or go to a football game. Things like these should be bugeted, not neccessarily each month, but especially when you KNOW you will be going to a Packer or Bucks game in the future.
Dining Out
From Taco Bell to Red Lobster, the majority of America eats out, and they eat out a lot! It can cost anything from $10 to $100 for a family of four to eat out these days, so make sure that you can afford that dinner down the road, and not when your tummy is full and you realize that you need diapers.
Miscellaneous/Fun Money
This can be anything from an impulse item at the Mall you happened upon, or jeans that ripped and it is a must that you get a new pair-make sure both you and your spouse have this money to split. This money should be for anything you or your partner wants to spend it on, without judgement or question.
Gas/Fuel Fund
With the gas prices these days, my hubby would probably enjoy walking 30 miles a day then paying such outrageous prices. If your hubby or wife, or you, yourself commutes, this is VERY IMPORTANT to budget- especially if your family owns 2 or more vehicles. Budget for each vehicle on past records of how much each of you drive to work or around town.
Emergency Fund
We have tried to keep this one going in our home for years because it is SO VITAL to any family! This is for when the car dies, you have a toothache, or a family member gets an unexpected ride in an Ambulance.
Savings
Last, but certainly not least, make sure that you put something, ANYTHING, aside in a savings account for you and your children. Saving something will show your creditors that you can save money, regardless the amount, and that you are disciplined in doing it.
Now that you have all the categories listed, tally up the amounts in each category and see what they come to. Subtract it from your paycheck every two weeks, and that number will be your next stepping stone. If you break even or have money left- congrats! If you are in the red, it is time to do some serious budgeting! This means you need to cut back on eating out, movies, or buying brand name items. Save money by attending annual store sales, getting second hand items from family or friends, and clip and save coupons. Save your change for the kids hot lunches, and when having more money from tax refunds and such, save it for those rainy days or buy things that you know you will need in the near future.
One more note, if you are not sure what to budget, then start off by saving every receipt from this coming paycheck-keep track from toilet paper to Taco Bell. You will be shocked what you spend your money on the most and the least.
I hope that this helps someone out there to manage their money a bit easier, and even if you do not want to use my formula, that you try your own that you feel comfortable with- as long as it is some type of budgeting so that EVERYTHING get's taken care of. Now, get busy budgeting!
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