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There are few things in life that can be so basic and yet make such big impact on your life. A family budget is one of those things. A simple family budget can not only improve your family finances, it can improve your marriage and family life as well. A budget is a framework that allows you to save, spend and give guilt free. It is also a tool that builds communication between spouses. In this post I hope to outline the steps needed to create your first family budget.
I was once asked by a friend to share the one habit that has made the biggest impact on my daily life. Without a second of a doubt I knew what the answer was. I started this habit when I was 15, a junior in high school, and have lived it every day of my life since, albeit in different variation.
We all want to make more money, save more money, reduce financial stress and live a more comfortable life. There is nothing wrong with these things and feeling frustrated when we don’t have them.
There are practical habits and systems that we can put into place to achieve these. But before we begin this journey we have to fill our emotional tanks with the jet fuel that will get our financial plan soaring.
Let’s face it- family finances can be stressful. I don’t know the exact number but roughly 25% of divorces are due to money issues. The funny thing is, 99% of couples deal with family finance stress, so why do some let it destroy their relationship and other get through it?
I believe that a lot of it can be boiled down to poor communication about family finances.
I want to share three powerful tools that my wife and I use to improve our communication around family finances. They have also been instrumental in helping us to build our personal wealth.