By: Kara Gilmour ? Staff Writer
Published: May 19, 2011
Family Budget Tips For Common Sense
Follow these tips if you want to save money during the next 6 months. The advice will help you stay out of debt while keeping your family spending in order. The first thing you want to do is create a budget.
1. Put away the credit cards. If you have credit card debt and are carrying large payments at high interest that are crippling your budget, talk to a community credit debt counselor. There are many groups that offer this service for free. They?ll help you to understand how the debt can be cut down faster, and whether a consolidation loan is a good idea. Credit cards are a temptation to spend money you don?t have. If you must have one card, leave it in the care of the person most responsible for your family?s financial health, and never use it except for emergencies that can be paid off within a short time.
2. Budget your monthly expenses by totaling everything. Write everything down, even a budget in a notepad will work, or you can use a computer spreadsheet. Gather all your bills, and calculate your monthly expenses, remembering to include a 1/12 portion of any annual expenses. Then take your gross income and figure out how much has to be set aside per week for absolute essentials. Whatever remains, is what you have for optional spending like savings, education or retirement funds, and entertainment.
3. Do you really need to buy extra stuff? We find ourselves buying stuff just because it?s on-sale. Ask yourself if it?s worth going into debt for, or just how far it will stretch the family budget. Remember that you need room in your family finances for emergencies, and stretching your discretionary dollars to the limit, is never a good idea.
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Article Source: http://www.newsoxy.com/business/family-budget-tips-5-24492.html
Source: http://www.financeation.com/avoid-bankruptcy/family-budget-tips-advice/
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