write your family expenditure of the one month and how much money spend for shopping which item is more money and which items less money
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Money management is about meeting expenses, setting aside money for emergencies, and saving.
A family budget helps you spend and save wisely.
The key to budgeting is spending less money than you earn.
When you spend less than you earn, you can start saving money.
Money management: why it’s important
Basic money management is about meeting your family’s everyday expenses, handling unexpected bills and saving for the future. It can put you in control of your money, which helps you avoid stress and feel more secure.
Communication in your family plays an important role in managing money well. Honest conversations with your partner, if you have one, can help to avoid conflict about money. And involving children in planning and budgeting can make it easier to achieve savings goals together.
A family budget: why it’s a good idea
A family budget is essential to managing your money.
That’s because a family budget helps you:
spend your money wisely on the things you must have – these are your needs
save money for the things you like but can live without – these are your wants
set aside money for unforeseen expenses – for example, if your car breaks down and needs repairs
stop accidental overspending.
Working out how much money you need for everyday essentials like food, housing, utilities like gas, electricity, phone and water, transport and medical services can help you make sure you have enough for unexpected expenses and emergencies.
Budgeting can help you and your family take the first step towards control of your money. It can also help you avoid debt. And it lets you get on with enjoying family life, rather than spending too much time worrying about your finances.
Getting started with budgeting
The key to budgeting is sticking to a basic rule – spend less than you earn.
One way to start budgeting is to list what you earn, spend money on and owe. It can help to look at past salary statements, benefit statements, bills, bank statements and credit card statements. If you spend or earn money any other way, be sure to look at this too.
Try to look at enough bills and statements from the past year to understand your usual earning and spending habits. It’s good to look at how some bills are higher at different times of the year. For example, energy bills are often higher during winter because of heating.
After you’ve accounted for essentials and emergencies, your aim is to have money left over to spend on things you want.
Working out what you spend: the first step towards managing money
One of the hardest things about making a budget and managing money can be keeping track of what you spend.
Spending can be regular (fixed expenses) or irregular or once-off (variable expenses).
Here are some of the fixed expenses you might want to include in your family’s budget:
mortgage repayments or rent
utilities – gas, electricity, water, phone and internet
council fees and land taxes
school or tertiary study fees
health, car and household insurance
public transport costs
credit card and personal loan repayments.
Here are some of the variable expenses you might want to include in your family’s budget:
food
home maintenance and household goods
school uniforms, textbooks and stationery
medical and dental fees
car repairs and petrol
personal items like clothing and haircuts
registration fees and equipment – for example, for sports, music or dance programs
holidays
entertainment
gifts – for example, for birthdays or weddings
other things like special treats for you and your family.
If your income allows, deliberately overestimating the money you need for bills might help you find extra spending money.
Planning how and what to save: a key part of managing money
Your budget will tell you whether you’re currently spending more or less than you earn. If you’re currently spending more, it can help to sit down together as a family and think about where you can save money. And if you’re already spending less than you earn, you can look at how to save and how to use your savings.
Here are some tips for making a savings plan:
Review your spending. Figure out whether you’re saving as much as you can. Could you spend less on certain items? Do you have any high-interest credit cards or other loans? Could you pay these off as soon as possible and look into more suitable credit or loan options? It’s a good idea to do this regularly.
Build a savings buffer. Before you start saving for your wants, it’s really important to keep extra savings for financial emergencies. For example, you could aim to keep some money in a separate savings account for emergencies.