Personal Budgeting and Savings

[jenns]

How does one create a family budget and try to save money for a family & get your family to jump on the budgeting and savings bus? It feels like we never get a head. We are a family of spenders and everyone likes to eat different things at dinner so we just go out to eat instead of sitting the dinner table together and eating the same meal. One week I dropped $175.00 for 2 nights eating out on a family of four. Anyone with real suggestions and help please???

[mldjay]

You have to change your behavior (as you know).We changed our behavior by going through FPU (Financial Peace University). It is a 13 week program in most areas in the US by Dave Ramsey (via DVD). It helped us a TON. I suggest you and your partner/husband/wife sign up for it. Ramsey teaches budgeting, getting out of debt, saving for emergencies to college to retirement.

Go to his website, DaveRamsey.com, to find a class near you. (BTW- we paid off $15k in just over a year by doing a budget and following his principles.)

[shojo]

First you have to take control of the family. It sounds like everyone does their own thing. If you allow so much with the kids I am assuming they are adults and should be working. If not remember you are the adult and can set the rules. First figure out the total income for the family and the expenses that don't vary (mortgage etc). Set aside amounts for all the things you need to pay for like heating, electricity etc. Make up a menu for a few weeks and stick to it. Buy groceries for the menu (include snacks). Get rid of any credit or debit cards and use cash only.

[lizzgeorge]

In order to get ahead you have to save/invest FIRST--right out of your paycheck if possible--then you don't have to feel guilty spending your whole paycheck on food or whatever you want. Set a goal, make saving automatic, and spend worry-free. You get your family to jump on board by not giving them another option. Kids of all ages are old enough to understand and accept limits that are given to them. Spending is easy to control if you have pre-set limits and stick to them. Make it a family policy that you go out to eat twice a week, for instance. That will only work if you plan ahead to eat at home the rest of the time though. Make it fun for the kids to help you set the menu for the week on Sat/Sun before you grocery shop for the week. And trust me, they'll eat whatever you cook and adapt quickly to eating in. Of course they all "like" different things when they're going out to eat and picking from a 4 page menu all the time! One other savings tip: don't go to the mall for fun/entertainment. Shopping is not a hobby.