Now is a great time to stop and consider creating a budget for your household.  If the money you have just doesn’t seem to stretch as far as it used to then maybe it’s time to sit down and take a look at the income you have coming in and the money you have going out.

It sounds simple enough (knowing what you have coming in versus what you are paying out) but it’s very easy to not pay attention to where your money is going or even letting your spouse handle the bills and not worrying about it. With the economy as bad as it is, you should…need…to know what’s going on financially in your own home.

A budget will help you determine where you can save money or cut costs. Pretty useful if you feel like there’s never enough money for purchases or you would like to splurge every once in a while without breaking the bank (or bouncing a check).

And kids learn by watching their parents so now is a good time to start teaching your children about money and budgeting. Personally, I did not receive the kind of guidance I wish I could have had growing up about budgeting, saving, and debt. It caused a lot of heartache and headaches along the way. So, get the kids on board as soon as they are old enough to understand the concepts of budgeting and being fiscally responsible.

If you’d like more information on budgeting, Mom’s Talk eBooks has a great guide, Guide to Family Budgeting. It’s filled with info on

  • why your family needs a budget (aside from the reasons listed above)
  • how to analyze your finances and change your thinking
  • how to planning your budget
  • how to do more with your money

You will also find tips that will help you show your children how to save and manage their money as well!