3 impacts of personal budgeting on the family

[Augusta]

A lot of good things done isn't just for your personal good by a large extent to the entire family. This is why it is always good to take decisions even though they would be personal that are logical as they will rub off on the family as well.

Have a personal budget doesn't only help you as a person but goes a long way of uplifting the family as well.

So How does your budget impact the family

Budgeting helps you to always go for what the family actually needs. This will bring about a higher standard of living for the family

Budgeting will help you find out what is really needed for your family. By budgeting you would want to spend more on what the family needs. This way you only only live by your means. Which is grewat for the financial health if your home

Budgeting will help you Include savings which the home or family needs. You would also budget for savings since it's about budgeting. This means that whatever is saved will remain since there is a budget for everything.

What's your thought?

 

[Mika]

Making a personal budget means you are trying to categorize your expenses into different categories and allot certain funds to each category. You even further divide your categories into subcategories. The basic categories for your budget would be necessities, emergency funds, investment funds, and luxuries. You can subcategorize "necessities" into rent, food, credit card bills, mortgage payment, etc. You can subcategorize luxuries into vacation, buying new clothes, etc. When you make a budget and allot a certain amount for each category, you should stay with it. If you allotted $1000 for your necessities and if you fell short of $100 make sure to cut your expenses so that you can fit within the $1000 budget for your necessities. When you have sent $200 on your emergency funds, make sure to contribute $200 to your emergency even if this means you have to cut your necessities. If you do not strictly implement your budget, there is no point in making your budget.