If you are asking yourself if your family needs a budget the answer is yes, you need a family budget. Every family should have a budget in my opinion.
How can you control your finances if you don’t have a budget to go by every month? One thing is clear that a budget is NOT a boring list of numbers that don’t allow you to spend any more or have fun.
A budget is not for the wealthy or frugal people who enjoy saving money. A budget is for everyone no matter the income.
Truth to be told not having a family budget will deny you and your family of enjoying life without stressing about finances.
Having your finances under control will allow you to have more and spend your money wisely. The fact that you deny your family from buying certain things because you can’t afford it is a sign that you need a family budget today.
A budget will liberate you and allow you and your family to spend wisely without thinking that it’s not affordable.
Still, don’t believe me that you don’t need a family budget? Continue to read below and see if the tips given will help you understand otherwise.
Don’t let pride tell you otherwise. Remember people that have money have a budget. Get rid of that broke mindset and start thinking of you and your family’s future.
6 Reason Your Family Needs A Budget Today!
“I can’t afford it.”
Does this sound familiar? You want to go out at the end of the week and enjoy a nice night out with your family, but you are saying to yourself, “I can’t afford it.”
This continues to happen not just once a month, but continuously as your family is invited to events and outings but can’t go because you can’t afford it.
Yes, I get that sometimes my budget forces me to say no to a few things and is not because I can’t afford it, is because my budget doesn’t allow it right now.
But the reality is that when you look at your family budget, it will help you understand what exactly you can afford and can’t afford.
“Where did my money go?”
Why is it that we feel that even when we get paid, we have no money left? We ask ourselves “where did my money go” because we have nothing to show.
Believe me; we’ve been there! We have spent money and money, and when we looked at our bank accounts, we couldn’t tell you where the money went.
We had no way of tracking our spending, and we didn’t have a plan on where we were going to spend it. When we started our family budget, and we realized we simply wasted money on things like eating out and other dumb things.
Your credit cards are never paid off
Can we be honest here for a minute and talk about credit cards? Each month are you able to pay off your credit cards? I mean do you use them every month and pay them at the end of the month to avoid credit card debt?
Are you drowning in credit card debt and only able to pay minimum payment? Did you know that the average American household has credit card balance averaging $16,425? Add mortgage debt to it, and the average household debt rises to $135,924.
If this is the situation you are in right now then maybe is the time you start a family budget right away and start working on getting out of this situation.
Believe me when I say that paying one credit card to pay another one is the most stressful thing ever and one thing I will try to avoid ever again.
You don’t have a saving account
Do you save money? Do you have an emergency account where you keep funds in case of an emergency?
A saving account where you keep your emergency fund is important. There is nothing you can’t say that will say otherwise. No matter the income you can save money, and this starts by creating a family budget that will put saving a priority.
I can go on about the benefit of having an emergency fund, but one of the most important ones is peace of mind! The thought that you have money allocated to help out when the unexpected happens is the best feeling in the world.
Having money saved helps to create less stress. You can handle a situation better without worrying about how much money this is going to cost you.
Creating a family budget that will help you start saving money will also help you eliminate debt because you will use money that is saved to help you pay for the unexpected such as car repairs and not use credit cards instead.
You have no financial goals
What are your plans for retirement? Are you planning on paying for college? What are your financial goals?
If you can’t answer these questions, you need a family budget! You see it is time to stop thinking about now and start thinking about your future.
Where does it say that you have to spend all your money today? The problem is that without a family budget you have not sat down and looked at your finances at all.
How much are you going to need for retirement? Do you have enough now saved? If you can’t answer these questions, then we need to start working on creating a family budget fast.
Never seem to have enough
What exactly is plenty? How much more do you need? Is giving your kids everything the answer? Do you have enough?
We tend to want more and want more money because we think we think that it will solve our financial issue, but the truth is that we don’t have a budget we don’t realize we have enough.
A family budget will help you see that and will help you make some strategy to cut back on your spending, and you will see that you and your family already have enough. Maybe too much!
After reading these reasons, I am pretty sure that you are going to think and realize that you do need a family budget.
There are so many benefits of having a budget and will truly change you and your family’s lives. Remember that a budget is for everyone no matter how much or little money you make.
Don’t let money dictate how you live you and your family lives and start telling it where it needs to go. You control your finances!
Your turn: What other reason do you think people need a family budget today?
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