Budgeting as a Family

Budgeting as a family is essential for financial stability and success. Here are some tips on how to effectively budget as a family: 

1. Set goals: Determine what your family's financial goals are, prioritize them, and write them down. Having clear goals will help keep you motivated to stick to your budget. 

2. Track your expenses: Keep track of all your family's expenses, from groceries and bills to entertainment and other discretionary spending.  

3. Create a budget: Once you have a good understanding of your family's expenses, create a budget that outlines how much you will spend in each category.  

4. Involve the family: Budgeting is a team effort, so involve your spouse and children in the process. This will help everyone work together toward your goals. 

5. Reduce unnecessary expenses: This could include eating out less, canceling subscription services you don't use, or finding cheaper alternatives for everyday items. 

6. Save for emergencies and the future: Having a financial cushion will help protect your family in case of unexpected expenses or financial setbacks. 

7. Review and adjust regularly: Review your budget to track your progress toward your goals and adjust as needed.  

Budgeting may require some time and effort, but the benefits of a secure and stable future for your family far outweigh the challenges.  

Assistance is available from your installation, through the Personal Financial Management Program (PFMP), or the Command Financial Specialist in your unit. The PFMP is free and confidential.