Family Budgets - Does your family budget get updated as often as it should?
If you're like most people, doing a budget or keeping personal budgeting categories up to date is one of the last things on your list.
That's where a new approach from Julia Scott via the website WalletPop.com can come in handy. This 15-minute budget approach using a money pot is explained in this short video clip.
What a I really like about this approach is that it separates your fixed expenses from ones that are going to vary each month. That provides a great basis for knowing which expenses you really can influence immediately and reduce as you are looking at your budget.
Plus, it also gives you a quick glance at the fixed expenses that you could work to reduce over a longer term, such as refinancing your mortgage or trading out of an expensive car lease.
This quick approach to family budgets can also be a great way to get your teen to do their own budget as part of teaching them teen money management skills. It's not complicated and can be done so fast that even their eyes won't glaze over. There is definitely something to be said for any approach that can accomplish that!
"How to Create a Brighter Financial Future for Your Children"