Life is always changing and because of that we need to constantly step back and evaluate our budgets for our family. Did your daughter join the basketball team or your son join band? Did you get a new car and add a car payment to your monthly expenses? Each month it can change and new bills and expenses may pop up. So we’re working on creating a new way to look at making a family budget.
Figure Out Why You Need to Make a Family Budget Anyhow
Yes, you need to make a family budget and continually update it depending on the size of your family or if things change over the years. A family budget will help you keep on track.
What can a family budget can help you do so many things including:
- Stay on track with your bills so you don’t get fees
- Make sure that you have what you need when surprise bills pop up
- Start a savings for your future, a new car, a cruise or that down payment on a new home.
Set Your Priorities
Before you start working on a budget, you need to make sure you know what is most important to you. Yes, paying your rent or mortgage is high on that list but after the bills are paid – what else comes next? Is it getting the latest in technology? Or is a family trip in the future what you really want to do? Is what you want really a need or is it something you want? Are you trying to keep up with the Joneses or are you trying to make your life better over all. Once you know what is the most important for you and your family, you will start prioritizing these things and will make it happen for your family.
Find Hidden Money
It’s time to flip up those couch cushions and to to check the bottom of the washer for spare change! Did you know that you can turn those coins into gift cards and more? Yes! Coinstar has created an option where you can turn you loose change into either a receipt for cash (which may have a charge) or you can have it turned into a gift card for Starbucks or Amazon for no charge at different locations. This can be used to help you get those things you cut out of your budget (breaking that coffee addiction can be hard!) or can be used to get you items you want!
But loose change isn’t the only way you can find money you didn’t remember you had. Did you know that many states have a lost money department? This is money you may not even know that is owed to you. You may have paid a bill or two years ago and a company over charged you. If you do not claim this money the state will claim it and you won’t have access to it. Check and be sure you don’t have lost money out there!
Evaluate What You Have
Once you have everything together, it’s time to evaluate what you actually have. Make a list and figure out what is actually coming in.
Things to consider:
- Income sources
- Any Lost/Found Income
- Support payments
Figure Out What You Need
You know what is coming in but have you taken a look at what is coming out of your accounts? You need to take a look at those expenses and see what is coming out of your accounts each month and how much they take. Consider what you absolutely need every month and where you can improve how that money is coming out of your accounts.
After the main bills are covered and mapped out – what else do you need? Do you need a couple things around the house? How about putting away a little bit of extra each month to save for your dream house or vacation? Or are you planning a family extension and will soon need additional money for the breast pump and strollers? Start putting a little away each month.
Get The Extra Funds you Need from Bennet Lending
Do the numbers not add up? It may be time to start looking at different loans that help you get in the clear and to get you where you want to go. Lending services like Bennet Lending can help you get to a loan that will work with your budget and your credit. This can help you get where you need to be to help your family grow where you want it to.
Look at different loans for what you may need? Maybe it will be a gap loan to help you get to the next paycheck, or one to help you put the deposit down on a new house. Look at different loan options and pay attention to the percentage on that APR so you know what you’re getting into. Overall you will work with them to find what works best for you but you don’t have to accept any loan that doesn’t work within your budget or your life.
Remember staying within your budget is the key – so you need to make sure that whatever loan option you choose will keep you where you want to be.
Find Lending Tips and More from Bennet Lending
Set Your Goals and Game Plan
So, what do you want out of your life and how do you get there? Working on your budget and your goals will help you find the path you need to take to get you where you want to be.
Work on a plan for your future. Getting a loan may not be in the plan for your right now, but it doesn’t mean you can’t work on a budget to get what you need and deserve. See where you can cut back if you have to or track that income a bit better so you can make sure you have what you need. Remember, life is constantly changing and so will your budget. Stay on top of what your family needs and you will be able to provide what you need for them.