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How to Plan a Family Budget

Your life is on track, and by all accounts everything seems to be in order. You’re with your dream partner, you live in a great house, you have a child or three. What could you possibly still learn about life?

 

Sophie Ndaba, successful businesswoman and South African celebrity, asked herself this same question. But after speaking to a friend, she realised that there are still a few things she could improve on.

Her friend told her about her weekly budget meetings with her partner, and though at first Sophie laughed at the prospect of running her family like a business, she began to see the sense in some aspects of it.

So, Sophie sat her partner down on the Sunday after speaking to her friend, and together they began to build their family budget. She found it to be not only easier than she thought, but it’s become a weekly event to look forward to!

How to draw up a budget 

Here are some of her tips to get you started with planning your own family budget:

  1. What do you spend? The first step is to work out what both of you are spending on a daily or monthly basis. This is the foundation you’ll be working from.
  2. What do you owe? Consider the debts you both have and consider consolidating them to make your payments easier.
  3. What do you want? Plan for your goals and your children’s goals if you can. Determine how much you’ll need to save each month and consider setting up a savings account that you pay the money into directly.
  4. How are you doing? Keep reviewing your budget as you go. You don’t want to set unrealistic goals or be too strict with yourself if you don’t need to be. Budgeting should make your financial life easier, not harder. Also, create an online document that both of you can access, it’ll make planning much easier.

Whether you need to work out the day-to-day spending of your family, or plan for some long-term goals, working with your partner towards a united budget is always a good idea. Now get started!

Check out Direct Talk for more stories on life, money and everything in between.

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