How to Create Your Family Budget

Learn simple tricks how to create your family budget. If you are single the job is much easier. Singles tend to have a pretty good handle on what they earn and what they have for expenditures. Creating a Family Budget is an entirely different animal. Families typically have multiple sources of income such as 2 incomes. This being the main reason it is necessary to create a true budget. However, sticking to a budget can be difficult but can enhance your family financials greatly allowing you to save for the important things in life such as college or vehicle.

Let’s get started:

1. Make a list of all income no matter how large or small. If some income is based on commission or can fluctuate always base on the lowest amount. 2. Start listing all your expenses on your phone or a notebook for at least a month. You will want to keep all your receipts and ask family members to turn theirs in at the end of each day, otherwise, they get lost. 3. Total your expenses for the month. Include everything! Monthly bills, groceries, lunches, gas, and parking costs. Don’t leave out ANYTHING. 4. Now gather the family and find out how you can trim your expenses. There are some things that are nonnegotiable expenses and others that could involve maybe fixing coffee at home instead of stopping at Starbucks or planning to take your lunch twice a week instead of eating at St Louis Bread Company. 5. Now discuss ways you can cut down on groceries, the electric bill, phone bill, gas expense etc. May want to consider not purchasing the name brands or top cuts of meat. Maybe carpooling or adjusting the thermostat a couple of degrees. 6. Time to refigure the budget after these changes and see what you have shaved off on expenses. 7. If you finished with any leftover, allocate a portion of it to savings before you start spending. If you are still in the red go back and see where else, you can skim.


One of the main reasons family budgets fail is because they are impossible. Be careful what you cut out because it may look good on paper but not realistic. If you have hired a tutor and you skim that and your student fails a class that is not wise. To say you are cutting out going out completely is not real. Keeping with being real find ways to lower the cost but not eliminate completely. Like, use Netflix instead of Charter Entertainment. When going out to eat, search for coupons or specials before putting it on the calendar or make it a treat for something completed by the family. Pay down debt quicker and save for the future just by keeping spending under control.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text] Collection Agency MCA MCA Collection AgencyMCA is a third party debt collection agency that has been in constant business since 1950.  We are rated A+ with the Better Business Bureau and we pride ourselves on excellent customer service along with delivering great recovery rates.  There is no cost to you unless we collect!  Why not try and re-coop some of your past due accounts with no out of pocket expense? [/vc_column_text][/vc_column][/vc_row]