by Laurie Childree

Created on: March 30, 2009

Budgeting is a challenge for one person but when it comes to making a family budget it gets trickier. There are some basic family budget tips that can make creating and sticking to a family budget much simpler. All you have to do is make sure you plan for the unplanned.

Income

What is the amount of income that you have each month? Figuring out how much money you have coming in is going to make knowing how much you have to spend that much easier. An average should be used if income varies from month to month. Overtime hours and bonuses should not be counted when figuring out the income to cover regular monthly expenses since this can cause you to over spend.

Expenses

The monthly expenses should be less than your income. This is to ensure that those bills such as the lights get paid each and every month to prevent unnecessary expenses. The light bill is usually a varying amount each month but it can be controlled by paying attention to energy consumption or going to budget billing. Phone bills can be controlled; if you have a teenager and want them to have a cell phone for emergencies look into prepaid plans. Your teen doesn't need a cell phone to socialize if you have a phone in the home.

You're going to have to figure in food and transportation along with emergencies in your expenses. When you have children there are also family outings, school trips and supplies. You want to include these figures into the budget as well; when it comes to items such as paper and notebooks you can purchase these on sale at the start of the school year. These items can also be found on clearance during the year.

Family Outings

When doing the family budget you should have a small portion for family outings. No matter how old your kids are there are going to be times when you take them out with you for family time. Including family outings into the budget and planning outings to take advantage of free local resources will make the budget stretch farther than it otherwise would.

While it's not always possible to plan family outing to the minute you can plan them when it comes to spring break and summer vacation. Taking the items that you are going to need on vacation with you can save you money especially if you plan to drive a long way. Packing a cooler with snacks will reduce the amount of stops you make along the way and you'll get to your destination faster.

Doing some research into where you're going to find the best rates on accommodations, gasoline and restaurants. You can also find out what free attractions are available that the family might enjoy.

Allowances

When it comes to the allowances you give your children they shouldn't be more than you spend on your children for entertainment. Give them just what you spend on them when they earn their allowances and let them make their own decisions about entertainment for the week. You can go a step farther with older children and have them figure out their own clothing purchases if they want something you wouldn't buy them but they must understand that you aren't going to step in and help out with the purchase.

Savings

Savings is one of the most important tips for the basic family budget. You should make it a point to have a specific amount included in the budget for savings each month. This will make emergencies less stressful and vacations easier to take provided you put the savings into separate places for each.

So remember when it comes to the basics of a family budget planning is key. Children should be taught responsibility with allowances and you shouldn't have more bills than income.

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