Your guide to creating a family budget
Follow these five tips for a quick and effective family budget.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Personal budgeting can be tough, but family budgeting can be even more difficult. While balancing work and family time, most parents struggle to find the time to create an effective family budget. Yet, family budgeting is essential for a family's financial wellbeing. Here's our guide to creating a quick and effective family budget, so you can achieve your wealth goals without a complicated budgeting process.
#1 Choose a financial goal for your family budget
The first step to creating a family budget is to choose a financial goal. These goals are typically long-term aims, such as paying off your car loan or saving up for your child's university fund. A great way to come up with a financial goal is to think about what made you want to make a budget in the first place. Whatever it is, your financial goal will motivate you to stick to your family budget.
#2 Pick a smart budgeting tool
It may be difficult to find the time to manually create a budget, so try a smart money management tool. The Finder app, for example, is a great tool to manage your money. It allows you to connect your bank accounts, loans, investments and credit cards into a single dashboard. This gives you an accurate overview of your finances, which makes it much easier to create and monitor your family budget. You can also track your transactions, monitor your credit score and receive alerts regarding the best savings deals – all for free. Budgeting tools offer convenience and security while bringing you closer to your financial goals.
#3 Get a full overview of your family finances
First, you need to gather details about your expenses and your income.
Next, focus on separating your expenses into their appropriate subcategories. Your family budget may include subcategories such as housing expenses, loans, credit bills and discretionary spending. This will help you understand your spending habits and help you cut down on unnecessary spending. It will also make it easier to add the information into your chosen smart budgeting tool.
#4 Use your family budget to control your spending
While it may be difficult to reduce housing expenses or pay off all your loans immediately, you can definitely reduce how much you spend going out. When evaluating your discretionary spending, ask yourself if that expenditure is really a necessity. Cut down on unnecessary costs, such as those daily morning coffees, and you will see your discretionary spending fall.
#5 Focus on repaying debt
Most financial experts agree that the longer you hold off on your debt, the bigger the problem becomes. Try paying off your existing debt or refinancing your debt with a cheaper loan provider. This way, you'll see yourself paying less interest every year. That's an easy and cost-effective way to drastically lower your spending. Ultimately, such measures will help you stick to your family budget.
Free family budget template
Here's a free budgeting template for you to use right away.
More guides on Finder
-
Finder Tax and EOFY Masterclass
Join us for our (free) End of Financial Year Masterclass, where we'll be talking through all things tax, super, HECS, energy and money.
-
Finder Earn and Tax
This page is provided as general information only and we recommend that you seek independent tax advice.
-
Finder Earn Secret Bonus Terms and Conditions
This competition is only open to Australian residents aged 18 and over. There will be 7 x weekly draws each Friday, commencing 19th May 2022.
-
Finder Earn Secret Bonus
Enter the weekly draw to win up to $100 in Finder Wallet credit when you have an Earn balance of at least 1,000 TAUD.
-
Finder Bitcoin Drop Party FAQ and guide
See how to join the Finder Bitcoin Drop Party and get the answers to any other questions you may have about the promotion.
-
How to refer a friend to the Finder app
Finder members will receive $10 for every friend they successfully refer to the Finder app. See how to complete the referral process here.
-
Bitcoin Drop Party
Join the Finder Bitcoin Drop Party and get free Bitcoin on us! Only in the Finder app from 21 February to 5pm, 7 March. T&Cs apply.
-
Fee-free trading in the Finder app
You can now buy and sell cryptocurrency fee-free directly from the Finder app.
-
New Year’s resolutions 2022
Nearly 14 million Australians have set a New Year’s resolution for 2022 – that's 2.1 million fewer people than in 2021.
-
How to set up recurring trades and deposits in your Finder Wallet
See how you can auto-invest in crypto by using the Finder Wallet recurring trade feature.
Ask an Expert