Getting married or welcoming a new member of the family?
Then, Answer us honestly! Which thing eases out your labour?
- Prepping up a personal and family budget?
- Spending away hefty amounts without any record?
- Burden self under minus savings?
Excited to start afresh, then you might have also planned to chalk out your budget for the year! I understand very closely. With the demands of every individual and running a family, there comes a need to plan out your monthly spending and savings, to stop money from controlling you in future.
I know! I know, budget creation takes a hell lot of time and labour. Let us help you. From envisioning your goals to keeping its record, we have got you covered at every step.
Always start by paying off your debts! As you don’t want your loved ones to enter a new life with you indebted and burdened. Take out a pen and paper or your making it over your electronic system would also do. Sorted out?
The very first step is to have everything sorted out – Create an Excel sheet on where the money comes from and where it flies away. A 50/30/20 rule to pave your budget road easily. It is a very good plan for most of the families. Which goes like this, 50% for housing, bills and groceries; 30% for leisure activities like vacations, movies, dining out or gifts; 20% reserved for savings and paying any future, arising unwanted debts. Make sure you also either ask for the opinion of your to-be wife or husband or including your little bundle’s needs in the budget.
List down your goals for the year – you might have a bucket list of your go-to dream places and things to buy! Don’t them shut them off, instead unlock them and plan for your trip to dreamland now. Looking forward to buying a new house or a new car? Make your fiance also a part of this. Let your bucket list get longer and together make it possible to live out your dreams. And if planning for a baby, don’t worry there’s no harm in planning to fulfil your dreams one by one without overlooking your baby’s comfort!
The major point which now you need to focus on ‘Making Separate Sections’. It means you need to list out the sections of your fixed and most important expenses; discretionary expenses and petty expenses which can wait. Analyse through your credit cards and statements and freeze your budget for everything.
Experts have recommended labelling envelopes. Make it a thumb rule to predict your expenses for the next 30 days and keep aside the money for everything. Stuff them into the envelopes and label them accordingly. This will help you out to make sure that you can save for unwanted accidents and dream vacations.
If you are stressed out thinking that one bill appears right after another, you can do one thing, change your billing cycles to space out the due dates. Keep track record at the end of every month. At starting you may find it difficult to follow the budget but eventually everything falls in place.