Do we need to create a budget for family financial ?

I have found some interesting and useful information on Family fiance planning in the site (http://financialplan.about.com). You may follow the following steps: -


Here's a general idea on the different heads on which you can balance your spending, income and life: -


Here's a sample Budget Worksheet.

I believe that households that follow a budget tend to have better money management. A budget does not have to be anything complicated. If you know what is coming in and what is going out and then make adjustments. If you are trying to pay down debt a budget will help you determine what exta if any you can apply to the debt. The suggestions above will give you a start.

Getting use to following a budget can take time but in the end I believe it is worth the effort. You will live more within your means and get out of debt or stay out of debt.

I have been reading lots about budgets too, one thing I heard this week on TV was to titled it your "spending plan" rather than budget. Seems it's in the "mind" that a budget is limiting you, but a spending plan is not. Whatever works:)

Good Luck, Reny