How To Prepare Your Family Budget?


3 Answers

Muhammad Abdullah786 Profile
When the word budget came into our mind we thought that it may relate to balance the financial measure of the economy. Yes, that true, it controls the financial measures not only for the economy, but for your house too. Budget can helps us to control all the expenditures related to family. So in this way you will be able to pay your bills while also you can save for vacations or in case of emergency, for retirement and your children's education.

If you are facing any financial problems or you are floundering financially, it's better for you to develop a family budget to tackle this problem. While making your family budget keeps the following points in your mind.The most important thing is that your budget should be customizing your desires, ethics and your priorities with special attention given to personal objects.

Then made a column of monthly expenditures like rent, insurance, bills and grocery, Be realistic while making these categories.Always try to make your budget simple to avoid the logical defects.There is no need to be panic if your expenditures exceed to your income. Revise your budget to overcome the problem.Involve each and every member of the family to let them know how much they get.
thanked the writer.
Anonymous commented
but how to minimise our bad expenditures? do you have any standard rules for minimum income group? if possible to make any standard budget rule relates to % then clarify
Muhammad Ali Profile
Muhammad Ali answered
You've asked a really good question. You want to know that how we can prepare our family budget. It's a simple 2 step procedure if you want to prepare your family budget. And I'm sure that if you'd follow these steps your family budget will never go out of control.
You should bear in mind one thing when you're preparing your family budget and that is your permanent expenditure which occurs every month. They may include, house rent, patrol expenses, utility bills etc.

So keeping these necessary expenditures in mind you must save enough amounts for them. So at the end of the month when you need to pay for them, you can easily pay for that. And that would be your permanent budget. You can easily calculate your monthly permanent budget by taking the average expenditure you incur every month.

Now the remaining amount is your saving and you can do different things with that. It is just there, so that you can enjoy yourself. So make a good use of it. do travel, read books or other useful stuff from the entertaining budget. I hope this answer is sufficient for you. If you still have any other questions please feel free to ask.
Nouman Umar Profile
Nouman Umar answered
First of all you need to determine that how much you earn in a month from the different earning sources you have. Once you identify your sources of earning the next thing you have to do is just to list down all the expense in a moth and you have to pay in order to meeting all the expenses of you, your family, children and all other dependent person you have so you have to fulfill all the expenses. Once you determine that the total income and the total expenses in the moth you will minus to the total expenses from your total income then you will be left with your savings in a month.

So in order to increase your savings you have to budget the income and expenses of the coming month in this month so that you can estimate that how much to pay in the next month and how to find a way to reduce the expenses in a month so that you can increase your monthly savings for you. So try to figure out every possible expense you need to pay and put some reverses in the contingency account so that if in any case of emergency you do not need to disturb your savings accounts.

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