Monthly budget setup and financial management for families
Managing our budget each month is an essential part of my monthly budget process. I have found it extremely helpful to manage our finances in combination with our monthly plans. For example, our activities have a direct impact on our budget and our budget helps us to determine our activities. Especially those with financial implications. Here is a quick list of budget planning essential tasks for families looking to manage their financials effectively.
Goals should drive the creation of our plans! – Career Mom CommunityTweet
Budget goals are just as important as personal goals. Goals give direction to our plans and help create a roadmap for goal accomplishment. At the start of each year, my husband and I create goals for our family.
Typically, I capture our financial goals in the planner I use for Budget Planning or in our budget excel worksheet. I maintain both as each serves a different purpose for me and our family. Our goals are based on a mix of our desires, needs, and wealth-generation strategy.
Setting Up a Monthly Budget
Each month I set up our monthly budget. I previously shared that I was not as diligent with our June 2022 budget system and we suffered consequences for my lack of discipline. As a family, we are not at a place, yet, where our funds can be auto-piloted. With small children, growing businesses, and lifestyle desires, it’s not possible, yet. There will be a day, hence the emphasis on “yet” when it will be. Right now, it’s not it so I keep a close and watchful eye on our budget and financial ins and outs.
When you are setting up your budget each month, try to incorporate the below tasks:
- Account for the cost of special activities and events such as trips, celebrations, and one-off obligations.
- Estimate variable expenses based on historical trends. This will require tracking expenses every now and again.
- Collect all current bill amounts before to maintain accuracy
- Determine a personal financial management method or select a tool
- Set up your budget
Setting up a budget each month requires a little work on the front end but the end result is priceless. By setting up a budget each month, families are able to make better financial decisions, save more, and position themselves to build long-term wealth.
Budget Plan with Me
I am excited to offer “Budget Plan with Me” Coaching where I help families achieve their financial goals! To register for coaching click here, Book Online – Career Mom Community (mailchimpsites.com).