Kimberly Steinhoff October 11, 2020 Family Budget
Q: Is making a budget hard? A: No! It is not. In fact, all you need to do is go to Google and type in "budget worksheet", and there are numerous free resources available to help you in the process. There are also software products available. Microsoft office actually has free downloadable budget templates. Every suggested category is included, so you can customize it to your liking, print it out, and get to work.
You will even be able to obtain budget planning sheets that can direct you towards your own personal goals. A family working hard to get out of debt for example, will have different requirements than a family planning for their retirement, or for a family preparing for the arrival of a baby. The good news is that you can easily find and adjust your budget to address all these issues whilst customizing the worksheet to better suit your needs.
How do you create an effective family budget? First of all, avoid convoluted software programs that want you to devote an entire weekend to categorizing, analyzing, and so on for the sake of creating the perfect budget. Perfectionism, when it comes to budgeting, is a huge waste of time. Reality has a funny way of sometimes not giving a damn about what you have gotten written down in your budget. So, relax and just give it your best shot.
All in all, it is not hard to see why you need to buy family budget software whether you are just starting a family or already have children. Navigating the financial waters while raising children can be one of the most treacherous exercises that one can take. Indeed, it also has implications of the highest importance - too many wrong decisions can place your family in a very precarious monetary position. Putting all of your income and expenses in a software application will let you take a good, hard look at how to optimize the use of your money so that you will have enough to pay for the future expenses, such as college tuition.
Q: What if I make my budget, and the expenses are way above my current income? A: First, it is good that you made it, because you now realize you have a problem. Secondly, you will want to decide whether there are expenses you can eliminate. For instance, if the entertainment section is $20 a week, can you cut it back to $10? What other categories can you reduce? Finally, you may need to work more hours or get a second job to make ends meet.
Checkbook registers come in many sizes, shapes, and colors; yet, for all of their physical diversities, their only function is to provide information about your bank account. And since you are basing your lifestyle on the amount of funds in your bank account; it would behoove you to have an accurate account. Remember, you are the first line of defense against potential problems that can arise from having misinformation. Of course, you can be like our friend above who waited and had his card returned, deflated and useless only then to realize that there is a serious problem.