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Get Your Priorities Straight with a Family Budget

Aug 17, 2007
It is no real secret that creating a family budget can cause conflict. The head money maker in the household generally makes the financial decisions for the rest of the house, which does not always suit the other family members.

It is important that families stand on common ground when it comes to the financial well-being of the household. The following are four steps you can take to create a family budget, all the while keeping harmony and peace in the home:

1. Prioritize

Goals and priorities are two different things. However, as a family, you will want to establish your priorities. For example, where does the future and health of your children fit into your financial priorities? You will also need to set goals to help you achieve and maintain your priorities.

It is important to keep your priorities realistic and achievable. You should make sure that you have no more than three priorities to deal with at any given time.

As you agree and set your priorities, make sure you jot them down on a piece of paper. Take this paper and place it in a prominent spot within your home, where every family member can see it. Keep it as a constant reminder of what the family should keep in their focus.

2. Goal Setting

You must agree and set goals to maintain your priorities. These goals are generally measurable and specific conditions that can be met to ensure that the priorities remain in focus.

When you are creating your goals, make sure that your goals are not far fetched or out of reach. Keep them achievable yet challenging for everyone. You should have around one to two goals for each priority you have established.

A good example of a goal is to place ten to fifteen percent of the total family income into an account for the education of your children.

3. Work to Achieve the Goals

The whole purpose of setting goals and priorities is to at some point achieve them. It is important that once you have set them to begin to work towards them right away. All activities you and your family undertake should have something to do with these goals. You might want to enlist the help of a software tool to help you track your income and expenses. You could also buy a notebook, specifically for keeping track of these things and creating a budget for your household spending. Having a system, either one of these in this article or even an accountant, will help you obtain focus on your goals.

4. Take an Evaluation of your Family

Every now and then, take some time to evaluate how your family is progressing towards your priorities and goals. If you have achieved your goals, any of them, cross it off your list, and it may be time to formulate new ones.

If there are any major changes within the household such as a change in jobs or a family member is no longer living with you, you should re-evaluate the goals and priorities.
About the Author
Jeff Newman wants to give you $1000 of FREE money education materials (Includes free family budgeting software). These will help teach you how to achieve financial freedom. Go download them right now at http://www.moneyexpertsonline.com
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