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Creating a budget is key to managing your household finances. Our budgets not only allow us to plan and track where we spend our money, but also help us manage our financial processes.
How To Manage Family Budget
There are many budgeting methods out there and I’ve tried a few of them, including pen and paper budgeting, excel, money envelopes, budgeting apps, the 50-20-30 rule, and based budgeting. at zero.
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There is no shortage of useful budgeting methods, but what works for one person may not work for the next.
What works best for our family right now is a combination of all of these methods: zero based budgeting, salary budgeting, pen and paper budgeting, excel and money envelope.
In this blog post I will share with you how we manage our family budget and how to save money on paying bills.
My husband and I work from home. My husband is a computer / IT engineer and I am a content editor. My husband currently earns monthly income and he gets paid every 15th and 30th. I get paid once a month and my income varies from month to month.
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My husband and I have different views on finances. We used to be at odds with each other on how we spent money. There are always times when we disagree on our money choices, but we realize that the key to disagreements is listening, communicating our views, and reaching a compromise or agreement. We must constantly remind ourselves that we are a team, not rivals.
Last year, we as a family made a detailed plan on how we could better manage our money. It took me several days to make the plan. I drew up our budget on paper and spreadsheets, I laid out our short and long term plans, I made PowerPoint presentations, printed them out and put them together in a binder.
We discussed all the details, discussed each other’s point of view, and made a more solid plan. I am glad that our current spending plan –
– currently working for us and we are on the same financial goals.
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5 steps to managing our family budget Step 1: I make a list of our monthly expenses.
Before I create a budget and start writing down our numbers, I first need to know where our money is going. Tracking our expenses not only allows me to make a realistic budget but also gives me the numbers I need to use in our budget.
So, the first step is to write down all of my expenses for the month, including fixed, variable, and irregular expenses.
I follow a zero-based budgeting method where every peso we earn goes to work. The “extra” money left over from each paycheck goes into a variety of funds.
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For example, if our monthly income is ₱50,000, everything in our budget should add up to ₱50,000. And that leaves us with zero. ₱50,000 – P50,000 = ₱0.
Here is a list of current and actual expenses in the household budget, but the amount is not accurate.
With a zero-based budget, every peso must have a plan. Now, this does not mean that we should go shopping and force ourselves to spend everything. Basically, a zero-based budget means we can manage every peso, and make those pesos work for us.
When we don’t provide an “extra money” plan, we may spend that money on unplanned expenses even if they are not necessary.
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We determine the category we need to pay in cash, add it, and go to the nearest ATM to withdraw cash.
My husband and his siblings share a fixed amount every month for my mother-in-law. We combine our house payment and allowance and give it to him every 15th and 30th.
I also set aside money for my parents’ allowance every month and I give it to them in cash. When they are in the province, I send the refund through Unionbank online banking and claim it at the nearest Palawan Express branch.
We buy our food and groceries with cash because it’s easier to stick to a budget when we know exactly how much money we have.
Young Woman Manage Family Budget Pay Bills Using E Bank Application Stock Photo
I also keep track of our food and grocery spending by writing down all of our purchases in a spending tracker. This is the best way to know exactly where our money is going and how much we are spending in each category of our budget.
We used to pay for things with our credit cards, but it’s hard to control our spending and it’s not a good idea (for me) to pay for something we spent days ago.
And, as much as possible, we want to get out of customer debt so if we can pay it off with cash, we use cash. We use credit cards when there is a good promo or when we buy online or when money is really tight or when we don’t have enough budget.
We have a BPI savings account which is our savings account where we put all of our income in one place.
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I give my tithe or 10% of my monthly salary to the church, but my husband gives a portion of his income as an offering to the church.
If you are wondering why I tithe and my husband does not, the answer is – he is not ready to tithe yet. I told him the importance of tithing based on the scriptures, but I don’t force him to do it. I respect him and I know that in God’s time he will finally understand the value of tithing.
Let each of you give according to your heart’s desire to give, not with sadness or under pressure, but God loves those who give with joy. — 2 Corinthians 9:7
For example, my husband and I pay for our family health insurance once a year. In order not to be ‘shocked’ by this annual expense, I set aside money from time to time throughout the year in a sinking fund to make sure I have money when the bills are due. Since these expenses are irregular, it is important to save gradually.
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Let’s say we need to pay ₱30,000 for health insurance for our family. I divide the annual amount by 12 (the number of salaries given to this fund).
Based on these numbers, I would need to set aside ₱2,500 per month if I started saving a month after paying for our previous health insurance.
If I had paid our previous insurance in August 2020, I should have started saving ₱2,500 every month from September 2020, until August 2021 I would have saved the full amount of ₱30,000.
Irregular spending can ruin our budget so we really need to spend some time in this process.
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We have different hobbies and interests and we agreed to spend our own money on things that are important to us. My husband uses his own money for his woodworking projects, computer games or gadgets, vaping, etc. I use mine to maintain my blog, books and tutorials, gardening, health & beauty, etc.
I pay through Shopee online and I like it because I get paid in coins and save money on bills.
Before I learned about Shopee, I used to pay my utility bills through BPI and BDO online banking.
I add the amount of our 3 utility bills and add that amount to my Shopeepay account via BPI Online Transfer.
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There is a ₱12 fee per top-up transaction so that’s why I add the money so I have to pay once.
I always check Shopee’s current promos and read the terms and conditions to earn coins before paying the bill.
I’ve been getting coins for every bill payment transaction for the past two months, but today, the promo is only good for one transaction, so I only got 120 coins which equals ₱120 off.
I paid our utility bills including Meralco, PLDT, and Manila Water on Shopee using ShopeePay as payment method.
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I was able to redeem 170 coins including the 120 coins I earned today and the 50 points left in my Shopeepay account from my previous transaction.
That’s a savings of ₱170 from my utility bill and that’s exactly why I want to pay my bills through Shopee.
Knowing how to budget can seem confusing because there are so many ways to approach it.
For my family, the zero-based and paycheck method of budgeting works for us. I am also happy that my husband and I are now more involved and aware of our spending plan. And, like any plan, it should be reviewed, adjusted, and reviewed often to make sure we’re on the same page when it comes to finances.
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Budgeting can be different and that’s okay. budget
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