Military Life

Budgeting 101 – Tips for Families & Households on a Budget

New Year, new us, new travels, new memories, a new approach to budgeting!

Working out a military family finance plan may turn out to be a hassle (as everything in our lives tends to get a tad bit more complicated), and we’ve been doing a good job so far.

You see how I said “a good job”? Well, I wanted to work on getting it great for more than one reason.

The biggest reason is that I wanted to have more control of the funds in our budget is:

  • Investing in better quality food,
  • Having more family travels (you can make them less expensive, but they put a burden on a budget of a family of four),
  • Teaching my kids how to be smart with money.

So, here are some kickstarter tips that my family is planning on implementing over the coming weeks:

 

 

1. Pay off debt.

If you’re reeling from the weight of credit card bills, student loans or other debt, a budget can help you see how to dig your way out. Always allot enough money to pay more than the minimum payment due.

Depending on the seriousness of your debt problem, you may want to get help from a credit counseling agency. Some credit counselors are unscrupulous, though, and you’ve got to be careful not to sink even deeper into debt after seeking such help.

You can check counselors’ credentials and be connected to agencies that have made a commitment to certain professional and ethical standards through the and the .

Read also: Managing The Emotional Effects Of Being In Debt

2. Give yourself a buffer.

What’s the most you ever spent on your utility bill? Build that highest number into your monthly budget. Also, build in set amounts for emergencies and for “mad money” you can spend any way you want.

With those contingencies covered, you’ll feel more comfortable investing a designated amount monthly – something everybody should do in some way, shape or form on a regular basis, even if the investment allotment is small.

Read also: A Comprehensive Guide To Conserving Energy At Home

3. Have a goal.

Whatever your goal may be – a home purchase, a remodeling project, an exotic vacation – it can help you find the discipline you need to squirrel away money by a certain deadline. Reflect on a goal you truly want to meet and resolve to do it.

Read also: Tips For Inexpensive Family Travel

 

 

Want to add a great family finance tip to this list? Feel free to reach out!

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