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money management

Tips on making the budgeting process work

Work together as a family. One person can't do this alone (unless you're single). You will need the help and support of all family members. One person can't keep track of everyone's expenses. Each family member, especially both parents, must be committed to the program. As you begin the budgeting process, sit down with each member of the family and explain what the objectives and goals are. Maybe it's to save up for a family vacation or something. Communicate the objectives openly with each family member.

Have a family goal and reward; make it fun. Establish savings / budgeting goals as a family and have rewards for achieving the goals. Maybe it's a vacation, a trip to the park, or a prize or a dinner out; make it motivating to each member of the family.

Plan and schedule evaluation times. This would be a time each week and month to sit down as a family and record expenses, evaluate progress, and set the following month's budget.

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