Military Life

Budgeting Tips for Families & Households on a Budget

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

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.

Read about my even bigger project as of lately – making the biggest list of military discounts!

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

Read also: 6 Ways To Get Out Of 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

4. Document and Track Your Expenses

This is often an eye-opening task. Many of us have no idea how much of our money is being burnt upon frivolous expenses. For this reason, it is extremely important to consistently monitor and put on record how and where your money is being spent.

Without knowing this, you’ll never be able to recognize where you’re overspending and where you can afford to cut back. It’s important to be very diligent with this, down to the dollar if possible.

Many times we will overlook the smaller expenses, like that morning coffee and donut, and these various small purchases are often the unnoticed culprit. So at least for the first few months of trying to establish a budget, document every expense.

Try getting an old notebook that you don’t use anymore or use one of the many smartphone apps available if you prefer. This way, you can systematically identify and cut unnecessary expenses if you see that, for example, a 3rd of your income goes to eating out or forgotten snacking.

Read also: The Lending Mag

5. Gift giving

Set realistic budgets for each of the gift-giving occasions you have over the year (Valentine’s Day, Easter, anniversaries, birthdays, baby showers, Christmas, etc.) and add them up. Don’t forget to add in expenses for gift tags, wrap, postage (both for orders and for shipping to the recipient).

Then add up the total and divide it by twelve. This is the amount you will need to put into your savings account each month to cover these expenses. Track the savings and expenses on a spreadsheet to ensure you don’t overspend. This may result in a little less money in your wallet each month, but it means you will have the cash when you need it and you won’t be paying off your gifts with interest for months to come.

6. Discount Does Not Equal Saving

A fellow blogger, Alli, shared a smart one – don’t be fooled into thinking you’ve saved money just because it’s on sale! You can check out her equally great piece on saving money here.

Read more about gift giving tips on

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

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