To create the family budget, you need to review your family goals. If you do not have a list of goals, then you will need to create one. You need to decide what your short-term needs (i.e. down payment for car, insurance, shopping spree) and long-term needs (i.e. retirement, vacation) will be and then prioritize them. The income part is easy -- take a look at your most recent pay stub and copy your information. Most budgets use your “disposable” income, which is income after taxes. You will also need to include any other income such as rent, alimony, child support, etc. After you have gathered your family’s goals a

Once your spending plan is developed, you will want to write it down and put it into practice. Think of it as a trial period and if it doesn’t work, revise your plan. Your budget is made to help you, not make you feel uncomfortable. The budget may require revisions fairly often as your family, your circumstances, your needs, and your goals are always changing. Hopefully, after your trial period, you will discover that your money is going farther and providing the things that your family needs and wants. All in all, the budget should be fairly easy to use. It should be used as a communication tool with other members of your household and should allow you to define your goals up front and then act as an instrument panel to guide you to fulfillment. Your budget should be easy for either you or your spouse to understand and run at any time. Hopefully, your budgeting system will continually teach you what’s going on with your money. The goal of any good budgeting system should be to impart understanding. Knowledge is power.

nd income, you need to set up your spending and savings plan. You will need to gather your expenses, such as food, apparel, health care, education, insurance, 401K contr

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