Tuesday, February 5, 2019

Getting Your Year Into Gear.- The Family Budget

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I love the start of a new year.  January is my time to plan the year ahead,  to rewrite the family budget and to start allocating gifts for upcoming birthdays.

Having these systems in place gives me great peace of mind and a sense of purpose for our family  I'm more inclined to view the year ahead with great anticipation knowing i have a plan and goals to work towards.

A great place to starting planning is to look at the family budget.  Here are some questions I ask myself when revising a budget -

*  Did last year's budget work for us ?

*  Are we spending too much money in certain areas ?

*  Should we be putting more or less  money into certain areas ?

*  Are we earning enough money to cover our household running costs ?

*  Can we be more thrifty ?  If so,  how  ?

*  What is our savings goal this year ?  *  How will we achieve this ?

*  Can we eliminate certain spending categories ?

*  If our income was reduced dramatically and unexpectedly,  would we be able to pay all our bills and eat ?


A budget should not be set in stone due to circumstances changing on a regular basis. Bills go up,  children eat more as they grow or incomes can increase / decrease.  So too should the family budget adapt to the changes that life brings.

When writing out the family budget for a new year,  make sure you use the previous year's budget as a starting place.  Get out last year's utility bills and add them up for each category.  Add an extra 10% for any increases the companies like to add at the start of the year.  When you have a total amount,  divide it by 12 for a monthly amount,  divide by 26 for a fortnightly amount or divide by 52 for a weekly amount.  This should be direct debited into a bank account set aside for bills.

Keep in mind,  a budget is there to help you achieve goals and to live a great life.  



How do you revise your family budget ?

Do you revise it at the start of the year or another time ?

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