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Following a Family budget

03 November 2014 by National Bank
Suivre un budget familial

A family budget is a method used to track all sources of income and expenses, with the intent of balancing both sides of the equation. Things accounted for in a typical family budget include fixed expenses, monthly payments, insurance, entertainment and savings and much more.

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Essentially, building a family budget allows you to allocate expected income to expected expenses and savings. In order to achieve an accurate picture, you need to account for your regular essentials, as well as debt repayments and personal spending deemed to be non-essential.

Once you have your columns of expenses and income aligned, if the total amount of your expenses is greater than your income, then you need to work on cutting back on your spending, or trimming some of your expenses.

On the other hand, if your monthly income exceeds your total expenses, then you are in a good position to apply the excess amount towards future savings goals.

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Preparing a family budget

Preparing a family budget is simple and can be as easy as writing things down with a pencil and paper. You can also tap into a wealth of available resources such as spreadsheet software, money-management software and online money-management and spending-management websites, such as Mint.com.

For information on how to create a family budget, visit:

http://www.todaysparent.com/family/parenting/how-to-make-a-family-budget/

For tools to help you create a family budget, visit:

http://itools-ioutils.fcac-acfc.gc.ca/BC-CB/NetInc-RevNet-eng.aspx

http://www.handsonbanking.org/financial-education/teens/a-budget-for-a-family-of-four/

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