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How to Manage a Family Budget

According to the US census there are approximately 2.1 children per household, statistically speaking this means that most households have to maintain a family budget. With the size of families being that of around 4 people on average the cost of living rises and the expenditures each family incurs increases. With that being said, there are many simple ways you can manage a family budget. Today we want to share a few tips on how to manage a family budget so that the last thing you are arguing about is money.

Anticipate the Worst Case Scenario

While you don’t want to focus on the negative, it’s good to be prepared for the worst case scenario. This means thinking about a life insurance policy and other savings accounts that allow your family to continue on financially should you no longer be around. In addition to thinking about the future, you should set aside money for an emergency fund because when you are raising a family, life happens!

Prioritise Needs vs Wants

Take a moment to review your monthly spending. Print out bank statements and any other accounts that you use to track income and expenses. Discuss with your partner the needs versus wants. Start to work towards a priority list. Start first by designated funds to the priorities in the household and then determine what’s left.

Create a Budget Spreadsheet

Setup a workable budget spreadsheet that the household applies by regardless of what happens. Sure emergencies will arise, that’s the only exception. Setup the budget spreadsheet based on when income arrives; this means if you get paid weekly then break the monthly payments down to weekly numbers. Do not ever stray from this budget spreadsheet, treat it is a binding contract to manage the family budget.

Pay off Debt

Be certain to allow yourself to pay off some debt built up, this includes individual debt as well as family debt. In addition to creating the savings account, allot a specific amount of money to be set aside towards paying off bills that have accumulated.  As you pay off each debt, use those funds to do something special as a family to celebrate!

In conclusion, no one can force you to be financially stable. Being good with money is a skill that needs to be taught with discipline and consistency. Working together as a household to maintain a monthly budget will help ensure you are managing the family budget with ease.

About the AuthorBrandy Ellen is a Positive Lifestyle Blogger born and raised in New Hampshire, USA. Brandy is a successful work from home mom of three who enjoys inspiring others to live life fully.


Learn more about Brandy at


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