Getting the Family Involved with Budgeting

A lot of times when your family is not involved with budgeting your finances they do not understand when times are tight. They do not understand if you have lots of bills due and why you cannot afford to go out to eat, or buy the cool dress at the department store. When they think money grows on trees and going out to eat every night is an option it is time to get them involved.

Here are some tips on getting the family involved with budgeting

Be Open

One thing that’s important to know when you decide the family needs to be involved with your budget is you cannot be embarrassed about anything. You need to be honest with everything and lay it all out on the line. If you sugar coat things or hide things they will not know the true situation you are in. They will keep thinking you have the money needed to do the things they want to do.

Be Prepared

Before you sit down with your family you need to be prepared ahead of time. You need to have a list of all your bills and your income. It is important to include groceries, gasoline, and other expenses that may come up either monthly or once a year. Yearly expenses would be license plates, clothing for school, and other fees that come up along those lines.

Explain All Income and Expenses

Once these are gathered you will want to sit down with your family and show them how everything looks. Write down on paper your pay dates and what bills will be paid with each check. Once you have all of this done you’ll be able to show your family what you have left. They will now have a clear understanding of where you sit with your money each month.

Get Kids Buy-In

Depending on the age of your children you may want to share other parts of the budgeting process with them. If they are old enough to understand the value of a dollar, then ask your child to help you with ways to save money. The goal is to be able to have more money at the end of the month. They may be able to help you save money by not asking to buy things that aren’t really needed. They can also help by adding up the dollar amount used each time you go out to eat.

Ask For Help (Getting the Family Involved in Budgeting)

If you have teenagers you might encourage them to get a job and create their own budget. They’ll be able to pay for things to help the family out.  For example, they can pay for that really cool shirt they see at the mall, which might not be a need but a want. This will help the family to have more money and they will have an idea of what the value of a dollar really is.

Related Post:  How Budgeting Helps Lower Your Debt

Bottom Line (Getting the Family Involved in Budgeting)

Budgets are not an easy thing to deal with and when you have a family it may be even harder to handle. When you include the family they will have a better feel for how you sit financially. They will understand why you say no, or when you have to buy generic instead of name brand. It is important to be honest and share everything with your family so they do not get upset with you when it comes to talking about money.

Share with us in the comments below.  How do you get your a family involved with budgeting?

Cheers!