Top 5 Important Budgets Every Household Needs

When you think about a "Budget" for your family, most people think that there's only 1 budget............WRONG!!!! There are actually several things in your household that need a budget. So let's take a look at some of the most important things that you need to budget.

1) Bills:

I will cover this later but you have to make sure that you can pay your bills when you need to. I'm not talking about waiting until their late cause that will end up costing you more money. The rule of thumb is to try and pay mostly ALL of your bills at the first of the month if possible. By doing this, the rest of the month you are putting money back to make sure that your bills get paid.

****** Side note***** If just your bills alone are more then your income then you might want to rethink that cable with 200 channels, extra data cell phone plan, and flashy car note you have. Remember that is a WANT, not a NEED*****

2) Adult Allowance:

We've already covered this one but it is important to set this money aside that way it can ensure that you're not overspending throughout the week.

3) Groceries & Household Items:

I use to hate this one the most, but it can be done!!! So here is the trick and what I've learned from experience and research. The total amount a family should spend on "Groceries" per month is.........

                         $100 Per Person Per Month

So for us with a family of 3 that would be $300 a month in just groceries. I can picture some of your mouths dropping!!!!!! I use to spend $300 a week and most of that was stuff I "Might" cook in the future. I have now at times been able to feed my family home-cooked meals for $30 a week.

                More on that to come.............

For Household items like toilet paper, cleaning supplies, diapers, and etc. The total for that is .........

                           $25 to $50 a week depending on if you have babies or not.

It's shocking I know but it can be done trust me. If I can do it then you can do it.

4) Paying off loans and Credit Card Debt:

At one point in everyone's life, they will face Credit Card Debt. You can create a budget to help you pay off your debt faster without breaking the bank. 

You can also set back a budget to help pay off loans such as car loans. student loans, and even your mortgage.

5) Things You WANT:

Just because you're on a budget doesn't mean you can't buy things you want. But first, you need to make sure that you've set money aside for your bills, groceries & household, and your debt.

This is called a "WANT" budget. This is leftover money from the month that you can budget for the things that you WANT!!!!! Thinking about buying a new car but know that you will need a down payment? Maybe you want to redecorate your home and have been dreaming of buying new furniture? Those things are what this budget is for.

So there you have it. My Top 5 Budgets that I think every household should have. I will make a post explaining each one in more detail later. 

But for now, I want you to write down all of your bills with the totals and your income. Now compare those two and see how much you have left after your bills are taken out. That's what you have to live off of. 

Stay tuned for my tips on my "Bill Budget".

                                      *~ Cassie ~*