1. BUDGET YOUR FAMILY INCOME
The word budget raises dust in the minds of many people. The preconceived notion that it is too technical and only a few people ever understand the true essence of a budget makes it easy for people to shut their minds. That is why I prefer to call it “financial planning”, using the layman term.
Budgeting at home need not be a difficult task. It is your money and you are just planning how to spend it. Nobody is pointing a gun at your head to perform, so relax and plan your future together.
Aims of Budgeting
The aims of budgeting majorly are:
1. To be in charge of your finances.
2. To know your monthly income and how it is being spent.
3. To minimize expenses.
4. To create room for saving.
5. To avoid debt.
6. To plan for the future.
7. To maximize your money and give room for investment.
Budgeting is very important and every family should do it. It is not my plan to take you through the technical aspects of budgeting as that has already been dealt with in one of my other books in the Prosperous Family Series, titled: MAXIMIZING MONEY IN MARRIAGE. My focus essentially will be directed at motivating you to have a budget and the principles involved.
a. Trail your expenses together as a couple for about three months to keep track of your expenses before setting a proper budget.
b. Know your expected monthly income.
c. Plan your expenses based on the expected income, giving room for tithing and savings first before the rest of the income is allocated.
d. Budgeting needs openness and transparency between the parties involved.
e. Plan your budget together.
f. Make all figures, expenses or plans clear to both parties.
g. Don’t be too rigid or too flexible.
h. Be rigid only to the level of making the budget work and be flexible to give room for emergencies and opportunities. It is unwise to deny your child emergency medical needs simply because you have exceeded your medical allocation for the month.
i. Don’t use any other family as a template to allocate money in your family; no two families are the same.
j. Give room for enough “pocket money” for both of you.
k. If you have older children carry them along.
l. Love and truthfulness between both of you will make your budget work.
m. If your budget fails as it may be in the first months of operating it, don’t despair; rather, re-plan.
n. Let any wind-fall of money go into your savings or project; don’t increase your expenditure.
o. Forecast big expenses and put aside an amount each month to meet them when they become due.
p. Don’t blame each other for budget failure, work as a team.
q. Don’t spend more than the amount you allotted to any item on your budget.
r. Reward each other for budget success.
s. Always look for new avenues to improve your budget.
Bisi adewale is an international conference speaker on marriage and family life, the author of these best selling books: Secrets of an Irresistible Wife, Hot and Sizzling Marriage, 20 Highways to a successful Marriage, Before you say I Do, and more than 60 other best selling books on marriage and family life.
He is the president of Family Booster Ministry and College of Marital Success (CMS) (Africa’s Premier Marriage Institute), Host of Family Booster Moments on TV, watched in many countries across the globe.
Bisi Adewale also hosts the popular Lagos Couples’ Conference and breakthrough for singles’ summit
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