Does Your Family Use a Budget? It Should
Family budget plans are important for many reasons. If there is debt, a child going off to college, a big vacation to save up for, or simply stress over how money gets allocated, then a budget offers solutions to those problems. Surprisingly, many families do not have any budget whatsoever.
Approximately $10,000 a year from a family budget is spent on items which are flexible in how much can be applied to them. For example, transportation, gasoline, food, and mortgage interest. With a better understanding of where your money is going, and how to allocate it reasonably, a family budget plan can help you to erase debt, save for big life events, and reduce stress between family members.
Here is a family budget example from Quicken, with family budget percentages as a guideline.
- 30% for hou Read More