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Budget for the Family

In a shared home there are shared responsibilities. The comforts are common and we eat together. That is why we also must plan our finances together also. Where financial information is not shared there could be mistrust and emotional distance. We would all like to know each others salaries, raises, promotions and bonuses. The way to create a financially sound family is to follow these simple steps:

Step 1: Getting Together
It is best to get together some time in the weekend for about 2 hours. We then hand out paper and pens to everyone. We serve tea or coffee and sandwiches to everyone. That should get us ready to rack our brains.
Step 2: Making the Budget
Any one member can write down the all expenses anticipated, the savings required and cash required. Every member states how much money will be needed for important expenses. For example, the kids will put in the fees figure, while dad will calculate the painting bill and mum will put in the grocery expenses.
Step 3: Allocating Expenses
The budgeted items are allotted to different members of the family. For example, the girl in her first job can pay the telephone bill and the newspaper bill. Dad pays for the food, fuel and car while mum’s salary goes into savings and the housing installment payments.
Step 4: Staying in Touch
The family should talk money some time every week and keep each other informed financially.

Finally, a financially responsible family is happy family.

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