Contemporary Parenting

 

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A Simple Family Budget

A recent article, “Why Talking About Money Leads to ‘Happily-Ever-After‘”, posted by Bean Jones on Mark Joyner’s famous Simplelogy site, states, “Next to sex, it seems like money is the most controversial aspect of a marriage.” This may or may not be a statistical fact, however, below is a simple, broad range budget that will make this easier.

Based on a monthly spendable/bring home income of $3000.00.

Savings 10% = $300.00 10% = $300.00

Housing 30% = $900.00 33% = $990.00

Utilities 18% = $540.00 20% = $660.00

Groceries 15% = $450.00 16% = $480.00

Automobile 14% = $420.00 18% = $540.00

Miscellaneous 13% = $390 3% = $90.00

Below is a broad list of expenses within each category.

Housing: Mortgage payment (which usually includes: property taxes and insurance) or rent, termite and pest control.

Utilities: Power, gas, water, telephone, cable, internet expenses, cell phones

Groceries: Food (include restaurant and fast food expenditures), cleaning supplies, personal care items.

Automobile: Loan payment, insurance, gasoline, regular maintenance.

Miscellaneous: Medical expenses, clothing, entertainment, lawn maintenance, etc.

Note, that there is not a category for credit cards. This is because the expenditures on credit cards should fall within one of the major categories listed above. Also, note that the first set of numbers will give you a decent amount of money for the miscellaneous category while the second, will have you living paycheck to paycheck, with the exception of the ten percent savings.

It is suggested that you take the last two to six months of expenditures and apply them to the numbers in the above plans. This will give you a basis for starting a controlled budget. This would be a great time to bring in your significant other. Ask him/her to help with making adjustments, gaining the control required to live free of money worries and stress, and discussing short and long term goals.

And last, but not least, bring in the children. This can go a long way in answering the “whys” floating around their heads. “Why does Mommy/Daddy leave me at the daycare?” “Why can’t I have that shinny new toy?” At the very least it can be a great lesson in understanding the basic concepts of money managing and taking responsibility.

Below is a great resource that will save you time and stress when creating your budget.

 

 

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