Build a
Budget
that’s right for your family
Effective money management is an important responsibility for all families charting a
roadmap to financial success.
Whether you’re calculating the amount of money needed to live month-to-month or
saving for a specific purpose like buying a home, a budget can help you plan.
Start by calculating your monthly income. This includes not only the amount
you may get from a regular paycheck, but also any money you get in government aid,
child support or pensions.
How much do you spend monthly? Calculate all monthly expenses including
your rent or a house payment, utilities, car and medical. Don’t forget about costs
associated with children, food, personal items or any additional debts.
Once your total income and expenses are established, it’s time to set some
goals and build a budget around them. Setting priorities will help achieve your
financial goal, whether it’s paying down debt or saving for your first home.
Staying on budget is a family affair and sometimes
requires sacrifice. Committing to a plan can be
challenging, but stick with it, and your financial
goals can be achieved.
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