The more people you have to consider when you create a family budget the more complicated it becomes. This can make it difficult to create let alone stick to. It’s just a matter of getting everyone on board. This is going to determine your success or failure when creating a family budget.
Remember to leave room for heightened utilities. This is a big consideration in both the winter and summer months when your heating and cooling bills will go up. This means that you might have to dig out last years bills to figure out just how much money you will need on average every month though leave room for heightened costs from year to year as well.
You and your spouse can put together the initial family budget. Then make a simple graph to put on the fridge and explain it to your kids. You’ll of course still need to budget for family traditions and holidays or birthdays. You may need to cut down on your gift giving somewhat. This can be a little bit hard for your kids to take at first, but careful and thoughtful explanation can really counteract this.
Find ways to reuse clothes to save money and soon it will be time to find the current stock prices and learn about the stock market for beginners. Sure hand me downs might not be popular for your younger kids. However, you can update these clothes with a few new accessories or just add in a few new shirts or a coat so that your kids don’t feel deprived.
You can also give your kids a chance to create their own budget. It’s up to you how much you want to give them for an allowance and whether or not this is going to be contingent on them doing chores. This can be a simple jar system. You can even create college funds for this money and it helps them get started on a wise financial future early.