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Setting Up A Family Month-to-month Budget

Making a family members monthly budget is essential. If you have children, it’s even more important. Families of one, two or perhaps five or more have to know how much money is flowing into and out of their households. The family budget allows you to track each item, and determine if money problems are about to develop. It is important to create a monthly afford your family, because costs can vary from month to month.

Initial, determine all sources of income for your family members. These sources may include one or more paychecks, Interest income, investments, monetary gift, annuities, and anything else that pays you straight. If you and your partner have separate banking accounts, determine which account will be used to pay the bills. Down payment your income money into which account. Add up every one of the income sources to begin with the monthly plan for your family.

Add up all of your family budget expenses subsequent. Some expenses do not change from month to month, such as a mortgage or car payment. Other expenses will vary monthly, such as heating bills. That’s why you should set up a family budget for each month. Only then can you notice months that might suggest money trouble for your family.

If you have children, the costs never seem to conclusion. Do your best to follow these expenses for family budget purposes. These kinds of expenses include garments, lunch money, doctor visits, infant formula and nappies, and everything else children need. Start making databases of each child-related expense you have to pay.

Include some unexpected emergency money in your family’s monthly budget. If your salary is greater than your expenditures, save the extra money with regard to emergencies. Illnesses, new cars, rate increases in rent or even insurance, and other unexpected costs can cause financial hardship if you are not prepared. When you can stand it, be sure to contribute to your pension fund too.

Any family’s budget could be either a monthly job, or an effective money administration tool. You must choose how to view it. It is better to know in advance that months will be economically difficult so you can plan for them. Setting up a family members monthly budget will save you lots of anxiety.

Comments: 33

  1. Rosendo May 24, 2013 at 4:52 pm Reply

    I have tried for years to get my family on a budget but have been unsuccessful. ANy help or website info you guys can provide?

  2. Clyde May 25, 2013 at 4:23 pm Reply

    Im 21 years old. Want to move out of my familys house. I dont attend school, i have a full time job. I bring in about 2500 dollars a month. My only bills i have are cell phone, two credit cards, car insurance and car gas. Do you think i can afford living on my own. say renting an apartment?

  3. Aron June 1, 2013 at 9:39 pm Reply

    We have to make a budget in family and consumer science based on our preferences and such. I got the sample of a single mom with two toddler girls, ages 4 and 5. So how much money should I use in my monthly budget on food.

  4. Kathy June 2, 2013 at 8:04 pm Reply

    When creating a family budget, for the budgeted expenses, do you prefer to take the average of the expense for the year and use the same amount for each month, or do you try to accurately put in the expected amount by month. I see advantages / disadvantages is both approaches. thx.

  5. Melita June 5, 2013 at 4:31 pm Reply

    We’re a family of 5, soon to be family of six. We barely scrape by on our monthly budget. We’ve already made out a budget, cut down our satellite dish to the smallest package, only have one cell phone, etc. We don’t eat out frequently, and don’t spend a lot on entertainment. We try to cut costs on groceries (although we could probably be more diligent about clipping coupons). What else can we do (or rather…what else have you done to save on your own budget)?

  6. Luis June 9, 2013 at 4:38 am Reply

    My family of 4 is very intent on having an emergency fund in place,even though we’re living paycheck-to-paycheck since we recently went down to one income. Anyone had any luck with having a PERCENTAGE deducted from paychecks? Or a certain amount every week? And how do you deal with the temptation to just grab it out of the savings account when money gets tight? Please,any honest answers would be appreciated.

  7. Mack June 15, 2013 at 6:49 am Reply

    It’s only myself, my husband,and 2 babies in our home (babies that still eat only baby food&finger foods –neither need to be included in said food budget). I’ve been looking for “Master Shopping Lists” on line & can’t find anything I like. Any personal experience for eating well on a budget? I need the food to last for a month!!

  8. Fidel June 19, 2013 at 10:30 pm Reply

    Us- Pescetarian family of 5 + 1 cat.
    In Australia our average weekly spend is $250 which is $50 fruit & veg at fruit & veg shop(cos supermarket fruit & veg is way too expensive) and $200 at the supermarket. We eat fish 4 times a week(includes once a week at Fish & Chip takeaway-add$25) and simple vegetarian 3 days/week.

    How bout U?

  9. Sonja June 26, 2013 at 12:24 am Reply

    I am just curious as to what your grocery and clothing bill looks like, and what your family size is and what the age and gender of your children are?

    Our current household size is 2 adults and 2 little boys. I keep hearing these horrifying stories from mothers of all boys that they nearly ate them out of house and home in their teen years and grew so fast they could hardly afford to keep them in shoes and clothes. We’re planning on having a 3rd, and the thought of feeding 3 teen boys if the 3rd ends up a boy kind of scares me.

    I know they’ll be big boys, they are both in the 98-100th % for height, so when they hit their teen spurt I really worry we won’t be able to feed and clothes them without risking foreclosure. I have a lot of student loans I am going to be paying off for a long time as well, and I am trying to see what our future costs and expenses might look like if we had a 3rd. I worry that if our 3rd is a boy, when the time comes that they eat as much as 2 people and need new clothes and shoes every month, we won’t be able to keep up.

    Right now I would say we spend a total of about $500-$600 a month on just grocery expenses. Grocery includes all toiletries and toilet papers, cleaning supplies as well as food. My DH is using up most of that amount a month himself on food, as he eats quite a lot because he is always very active. I would say he alone costs about $350 per month to feed, if we end up with another boy I imagine they would eat similarly as they get older. So am I looking at a $1000 grocery bill each month?

  10. Dorthea August 5, 2013 at 1:45 pm Reply

    My mom likes to buy jewelries as a sort of back up whenever the monthly allowance (which is a portion of my dad’s salary, who works abroad) doesn’t fit our budget. When money’s tight, she sells them at the pawnshop, and then buys them back. She specifically buys jewelries that she can sell at pawnshops, though she does use them as accessories for formal occassions. What I don’t get, however, is why she buys these jewelries, when she mentioned the other day about how it’s problematic to buy them back at full price, since the pawnshops can sell the jewelry elsewhere after an allotted period of time. Can someone reassure me that this might or might not be a major problem?

  11. Noel August 29, 2013 at 1:57 pm Reply

    We have a family of five and our budget is $800.00 a month. This includes all paper , cleaning products, personal care items and dog food (we have three dogs). We have had to increase our budget over $100.00 a month just in the last year to cover the increasing costs.

  12. Coy September 18, 2013 at 2:09 pm Reply

    We are thinking about relocating to the Mansfield Massachusetts area for work. I was wondering what the average cost of living is in this area. If anyone has an example of an average monthly budget for utilities, food, gas, car ins, that kind of thing I would greatly appreciate it. We are a family with two adults and two children. Looking to rent a single family home. The salary I will be making is $75,000-$100,000. Is that a good salary for this area? Thanks!

  13. Bruno September 19, 2013 at 5:45 am Reply

    On average how much would it cost to rent a small compact car for 30 days? I am planning to spend a month in San Diego with family, and I don’t want to have to always borrow one of their cars. Also, I’m from Florida, and really don’t want to drive my car across country. thanks

  14. Eldora October 1, 2013 at 3:28 pm Reply

    Lately it seems as if I spend over $600/month just on groceries, and that seems outrageous.

    What is a reasonable monthly food budget for a family of 3 (adults)?
    Location is California.
    Style of eating is “on a budget”.

  15. Mack November 3, 2013 at 2:49 pm Reply

    Hi, does anyone can helped me to understand how much filipinos paying thier bills,utilities,elictric bills etc. every month?including food allowances.

    your answers much appreciated.

  16. Zane December 23, 2013 at 10:46 am Reply

    I’m trying to make up a monthly budget for a project at school.

  17. Esteban January 5, 2014 at 2:17 am Reply

    I have a budget plan that I would like to stick to, but I don’t know how to go about starting it. Currently we live very paycheck to paycheck and don’t have a “cushion” at all. My husband and I are paid every two weeks, on different days. All my bills are due on different days throughout the month. How can I realistically start my budget?? If I have a mortgage and car payments due on the 1st of the month but I am not paid until the 7th or 8th how do I make those payments? I just can’t seem to get it started, but I really want to..because it will help out in the long run. We have tons of money that just *disappears* right now and the budget will help. Suggestions????? Thanks!

  18. Cortney January 30, 2014 at 12:04 am Reply

    For an Economics family project, I have to be a flight attendant, make a monthly budget and help take care of my family. Probably the only thing missing from my project is health insurance. If I get it through my “job”, how much does the premium cost or is it covered?

  19. Issac February 1, 2014 at 11:50 pm Reply

    was wondering how much an average family spends each month. For example do you have x amount that you dont want to go over and it is supposed to cover food and everything? Just curious how other families spend. My husband and I are trying to stick to a budget we have a 2 year old and one on the way and Im finding it very hard to focus on needs! I know this is kind of a finance question but I was curious to other families systems! Thankfully we do not have any debt but if I keep buying all my wants we will be dipping into savings so just would like some tips and if willing to share I would like to know what you are getting by on? thanks!

  20. Jimmie February 21, 2014 at 7:39 am Reply

    I am new to budgeting. My husband and I are currently living paycheck to paycheck. I have been using the cash envelope system for groceries, gas, household items etc. It is my understanding that the day before the “next month”(I’ve set it up so every month begins on a payday), I should technically have $0 in my account, unless I have planned to have extra in my account.

    If I am looking at my account the day before the “next month” begins, is the money that I see in my account all extra? For example, if tomorrow is my “first day of the month” and I have $1,000 in my account today– is this $1,000 extra?

    I think the goal in budgeting is to be one COMPLETE month ahead– is that right? Or, what do you think is the minimum amount I should have sitting in my account, just so that I do not overdraw?

  21. Damion February 21, 2014 at 7:40 am Reply

    My husband and I were going over our budget and it seems our monthly expenses are fairly high. I’ve looked online and tried to find a national average but haven’t had any luck so far. I was wondering if anyone on YA! would be willing to share? Please include how many are in your family. Thanks:)

  22. Mason February 21, 2014 at 11:07 am Reply

    A co-worker told me that cooking at home is healthier and cheaper than eating out or buying “cheap” food (Mac & Cheese etc). So I tried it and our grocery bill tripled (to about $450) , what am I doing wrong??

    I’m trying to feed 3 adults (Myself, My boyfriend, and his best friend who is living with us), and 1 child (only 5yrs old).

    I want to stay cooking healthy but not completly vegitarian (which I read seems to be the cheapest), can any one give me tips on how to save money?

    Any receipes or receipe websites for dinner?

    My boyfriend and his friend both take a lunch to work, any cheap but filling ideas for their lunches? (typically my boyfriend ends up eating breakfast too because he goes to work at 5am, so he needs double the food).

    I’m not all that good at cooking so just “throwing” something together isn’t something I seem to acomplish very well, but any tips would help. Thank you!

    Also, How do you plan your grocery list? Weekly? Monthly?
    My boyfriends friend pays rent, untilites, and 1/4 of the grocery bill.

    My boyfriend pays for everything else.

  23. Rosann February 21, 2014 at 7:59 pm Reply

    Does anyone have any tips and try on how I can create a budget for my family?
    tips and tricks**

  24. Hung February 21, 2014 at 9:45 pm Reply

    I am 21 and pretty much trying to get some kind of budget going so I can start saving my money and weave out my unnecessary expenses and not over spending on other things. I have a son that just turned 1. My boyfriend and I live together with our son. We pretty much split the bills but I pay certain things since I work full time and make a lot more than him while he’s in school full time and working on the weekends. I get paid bi-weekly, after taxes and my health/dental insurance for my son & I, my paycheck is $900 with all the overtime I work & I could easy have a $1,000 paycheck I just choose to limit how much time I dedicate to work since I have a little one at home.

    Anyways, these are my monthly bills:

    Car: $500 (ins included)
    My half of Rent: $350
    Renters Ins: $12
    Cell phone: $80
    Utilities: $100
    Gas: ??? My job is 25 miles from my house & I work Mon-Fri (REQUIRED) & I go sometimes on Saturday mornings.

    My boyfriend pays monthly:
    His Car (ins included): $390
    His half of rent: $350
    Internet & Cable Bundle: $110
    & anything our son needs: diapers, milk, food, wipes, hygiene

    I also buy the groceries and stuff we need around the house as far as toilet paper, trash bags, etc. our son pretty much eats what we do now for breakfast lunch and dinner. So I’m pretty much needing what an average monthly grocery and personal items expense should be for a family of 2 adults and 1 child. Also what’s normal to spend a month on like activities, dining out, shopping etc on the weekend
    I live in Ks if that matters! HELP!!! Thank You!!!! 🙂

  25. Cyrus February 22, 2014 at 5:18 am Reply

    So I will be a Teen mom soon, I do have a job and living with parent.
    I was wondering what the monthly budget would be once Baby is here.
    Like diapers, formula/food and things like that. How much have you paid about monthly?

  26. Lorenzo February 22, 2014 at 6:26 am Reply

    We are a family of 2 adults. I started a tight budget the first of the year. If we eat every meal out of our groceries and not eat out, what should the bill be? We have no pets and no bad habits (drinking or smoking) Thanks and any additional advice would be great!

  27. Giuseppe February 22, 2014 at 6:26 am Reply

    I have a quite good possibility of moving into the U.S. so I would like to know how much I should earn to live there, free of worries.

  28. Harris March 19, 2014 at 6:10 am Reply

    Well my dad and I was gonna make a budget plan for our family. He said we need to make a yearly budget plan because every month it is different to pay bills and your spending and stuff. I said that we should do a monthly budget plan, you can figure out your minimum and maximum and pay from there in your limit. Who do you think is right? My and or me?

  29. Kerry March 19, 2014 at 6:10 am Reply

    Please help me?
    I am an engineer and getting monthly around £1,700 after tax, my wife also works part time and gets around 5 to £600 a month, we also have other incomes, around £300 a month.

    However, we are strugling to keep it up.
    My monthy rent is £550, live in a 2 bed flat and have a car.
    We don’t actually live a high standard life, but at the end of the day we are spending too much.
    We do not take any notes how much we spent. My wife will do her shoping, I will do mine, there is no coordination.
    I do not smoke, but my wife does. We do not go out that often either, but we spend a lot anyway.

    Can any one help me please?
    Do I really need a family budget and plan?

    Thanks a lot in advance

  30. Margarito March 19, 2014 at 6:10 am Reply

    What is your montly food budget?
    I have an assignment where poverty line for family of four is $1770 per month.
    I have to find the cost for food, transportation, shelter, utilities, clothing, medical care, luxury..
    there are so many but i cant seem to go less than that budget.
    help please.
    thank you

  31. Ed May 29, 2014 at 6:40 am Reply

    We have 5 kids age 3 to 13. We spend a lot of money on rice milk – no cow’s milk. We own our own small business with 7 emloyees, but we can only pay ourselves what is reasonable, unless the business is doing very well. My mortgage cost is as low as can be. I would like to see budget numbers for food, clothing, children’s programs, recreation, entertainment, etc.

  32. Felecia June 23, 2014 at 1:23 am Reply

    i have joined another company just afetr two weeks with my former employer. but then after securing a new job i know for sure that i will get half of my salary that’s why i have decided to put this on-line

  33. Adrian June 23, 2014 at 1:23 am Reply

    My wife and I have discussions concerning how much we spend each month. We have 2 kids and live with in our means. I am a big saver for the rainy day in the future, she thinks I over worry.

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