Personal Monthly Budget Builder
We provide Personal Finance Tracking Software & Debt Eliminator service.
What Is a Family Budget Planning Calculator?
Family budgets are complex because you have to take care of too many variables. That is why developing a family planning budget is considered a technique in itself. We are here to make sure that you have the right form of budget management for your family needs.Family budgets are complex because you have to take care of too many variables. That is why developing a family planning budget is considered a technique in itself. We are here to make sure that you have the right form of budget management for your family needs.
A simple system that goes to the core of effective family budget planning is by breaking down your net income into sections that are needed by your family. You will find that the system is a simple way to know how important a certain part of your budget is when compared to a portion of the budget itself.
Of course, the breakdown will change considerably with the net earning and requirements of the person. They are a simple and basic breakdown.
- Housing: 25-35%
- Food: 5-15%
- Transportation: 10-15%
- Utilities : 5-10%
- Charitable gifts: 10-15%
- Medical/Health: 5-10%
- Debts: 5-10%
- Recreation: 5-10%
- Personal: 5-10%
- Clothing: 2-7%
Your budget is not decided by this breakdown of course, but instead how much stuff do you need every day. But the following breakdown is a wide picture of how you can review your budget planning preferences.
The Necessities:
Necessities do vary from person to person but they do include housing, food, utility bills, and clothing options. Now, here is the trick though, you can turn your food budget upside down if you put your heart into it.
Utility bills can be managed better by taking care of your everyday lifestyle and reducing your bills a great deal. We all know that fuel bills and electricity bills are the game changers for everyone from all over the world.
You can change a lot of your budgeting by practically managing utilities. Free tv is available online and cable costs are through the roof. You can save considerably more if you take the M Tran every day and all that.
This is not a lecture it is just a gentle nudge in the direction of the facts. You can get a better life for yourself and your family if you redefine your utilities to mean the basics.
Secondary Budget Considerations:
Just because they are secondary does not mean that they are not important. Here is the stuff that keeps you up at night; medical bills, kids’ fees, and their lifestyles. If you curb your money from your utilities, then you can certainly make more room for your secondary budget considerations.
It really is not too simple but you can develop various habits that focus on making sure that you are getting to spend money where it matters the most. Try to fix your financial problems by having a small amount prepared for the necessities before they actually arise.
Savings and Debt:
Debts are the killers of savings. You have basically not saved a dime if you are still in debt. That is why avoid credit card debts like the plague. You will be able to pay your mortgage and your college tuition back only if you stay away from credit card debts.
It is not too simple but it has to be done so make sure that you achieve the simple task. A simple rule is that there is no such thing as retail therapy and Starbucks is not giving you any special copy.
Stay away from the card swipe as much as you can and use expense tracking apps so that you will know if you are overspending on a product. You will be able to save better if you will pay cash and count the money before you spend it. Believe us, it is a tried and true method.
The Budget Planning Calculator
There are plenty of sites and apps that will allow you to create a budget that you can work with on practical terms. But you need to make sure that you are working in a way that is actually applicable.
The financial tracking apps are designed to help you but there are simple steps that you can take to improve your future as well.
Buy a House:
It may seem counter-intuitive that you have to pay back student debt and you are buying a house. But unless you want to waste all of your income on rent, it is better to have a mortgage payment then pay the rent.
Hybrid Cars:
Hybrid cars are more expensive but they tend to come with a considerable saving on fuel. They will help you get out of the cycle where you are a slave to the oil prices for your monthly budget. Other steps like car insurance and health insurance are also a ground breaking way to make sure that you have the right concept about savings and your future.
If you have any tips, we look forward to hearing your thoughts.