How to Make Family Budgeting Work for Your Individual Family


Just can't seem to find a budget that works for you and your family? Maybe that is because you need to set one up that is individualized to your needs.

I spent years in a professional setting working as an office manager, bookkeeper, and accounting assistant. So why is it that I have no problem managing other people’s finances, but find it so difficult to manage our own?

I think the reason is that a lot of how we spend our money directly relates to how we feel about and value our money. Therefore money, finances, and budgets can be a very personal matter. When I managed up to millions of dollars of a business’s money, I had no emotional attachment– it was not mine. I became the gatekeeper that kept track of it, protected it from being spent as much as possible, and tried to add to it. If I did the same with our own personal funds, we might be a lot better off.

If many of us were able to take a more objective approach to our financial situation, having and keeping a budget would be much easier to accomplish. That is why people pay to consult with a financial adviser, portfolio manager, or investment banker. Though the situation is individual, we almost need someone outside of the situation to make effective decisions on our behalf.

Because each family is so unique, they may each require a different budget. Although it is difficult to provide definitives about how a budget should be set up in each household, there are some basic foundational principles that can help your budget to be functional and useful in meeting your financial goals.

I was lucky enough to be able to guest post again on The Thrifty Social Worker, and she asked me to provide a post on this topic of family budgeting. Please click on the link below to be taken to the post:

Guest Post: Avoiding Budget Busters as a Family

You will note that the guest post does not tell you to do this, and not do this. I purposely did not cover specifics as a guide to the only way to do things. Rather, I think that different tactics may work for different families.

The most important method to follow when trying to establish a budget for your own family is making sure that it fits and meets the needs of your particular family, and not someone else’s. By avoiding a one-size-fits-all strategy, you are more likely to achieve success in accomplishing the financial objectives that your family has established.

Have you discovered a tactic or method that makes it easier for your family to stick to a budget? Please share with us by commenting below so that we can learn from you.

Advertisements

About JLLopez1006

*Creator, writer, and designer of Live Simply, Live Thrifty, Live Savvy blog *Contributing Blogger for FreeShipping.com blog *Financial Fitness Trainer (Contributing Writer) for Debt.com blog *Primary Contributing Blogger for the IdeasForWomen.com Money, Investing, and Finance Blog *Contributing Blogger for the DiscoverCorrections.com Blog
This entry was posted in Budget, Family Finances and tagged , , , , , , , . Bookmark the permalink.

Start a Conversation-- Let Me Know What YOU Think:

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s