Tips for a Creating a family budget

Here some great ideas for creating and managing a family budget

1. Pay down debts. Start paying off the debt that has the highest interest on it, then tackle the next highest etc. This can definitely help with bringing down the debt and freeing up money in the family budget.
2. Refinance your mortgage to free up some extra cash for family finance
3. Bundle insurance with one insurance company who may even give you benefits for doing so
4. Shop around for insurance and credit; some companies give you the same product for less.
5. Use credit card sensibly. Only charge what you can pay off at the end of the month, eliminate late payment fees. Nothing can kill a family finance like credit cards.
6. Collect coupons and use them for your shopping.
7. Drive sensible to save on petrol. Petrol is one of the things that can easily burn a hole in the family budget.
8. Fix niggling problems before they become full blown financial headaches e.g. if the washing machine is not working well get it checked out before it totally breaks and you will probably have to spend more.
9. Buy store brands rather than the expensive retail brands. Every little helps
10. Always make a list when you are going to shop and don’t shop when you are hungry. You tend to spend more if you are either hungry or shopping without a list to guide your spending.
11. If you have a mobile/phone plan where you get cheap call during off peak times, try and both stay within your minutes make your calls during off peak times
12. Save something every month no matter how small it is. Make it a habit. You may even want to set up a direct debit to make sure this happens.
13. If you get yourself a pay increase put the extra cash into a saving account
14. Pay yourself and your spouse something every time you get a your salary.
15. Save to make a major purchase rather than getting it on credit to take them out.
16. In your budget save something for repairs and maintenance as machines and cars do regularly breakdown. If you have something put aside for this it will not become a nasty headache when it happens
17. Start a change jar. What ever extra change you have in your purse of pocket at the end of the day, put this into a piggy bank or change jar.
18. Have an emergency plan of 3-6 months of your monthly spending.
19. Make your budget a priority. Think if you would have an emergency in your family right now what would you do?
20. Find ways to bring in some extra income

Check out another resource http://www.choosetosave.org

These idea can definitely help to maintain a family budget