A family budget is the foundation on which household financial planning is built. Creating a budget in line with your income, current responsibilities and anticipated financial needs means better money management and a clearer sense of what can be spent at any given time. Your monthly budget is a simple way to keep track of everything related to your basic finances.
Of course, building a budget can seem intimidating - but it doesn’t have to be. You’ll need to invest a little time into recording all of your regular expenses and averaging out variable costs like your grocery bills. However, it’s a simple enough process to review your bank and credit card statements to check these costs. Also, don’t forget to add your discretionary spending. You may find that you want to adjust it downward if the figure seems high. Having a completed budget in front of you helps you make informed decisions.
You’ll also need to include your debt and how much you need or want to pay off each month. All of your sources of income need to be included to ensure you have enough money coming in to address all of your obligations, too.
Our video offers simple instructions to help you get started on your way to building an accurate and effective family budget. From there, you can start taking greater control of your finances. For example, you may want to start building your emergency fund or set aside money for a major purchase.
Comerica Bank offers effective tools for managing your money, like our Access Checking account. Reach out to us today to learn more about how our offerings support your efforts to build a family budget.
