Monthly Family Budget

Monthly Family Budget Created in 5 Simple Steps

Updated 2019

Creating a monthly family budget is a challenging job. It takes time to master the skill of balancing cash inflow and cash outflow. Yet, this is a very important task to control our finances, if not, it would be otherwise.

Sit down for a few hours to think about the things involved in budgeting. Good planning is the key to create a successful household monthly family budget. But, execution is the best way to overcome the challenge and find your way to financial stability.

To be able to make it possible, even if how demanding it seems, break it into a simple method. And, get started. So, let’s get the ball rolling!

Easy Steps to get you started

STEP #1: Determine your goal.

OmahaSteaks.com, Inc. Setting a goal is a very important step. This creates the map on where the plan is going. For whatever reason you have in mind, this becomes your lead. And your motivation in sticking to the monthly family budget for the family.
Also, it must be specific, measurable, accurate, and realistic and, time-bounded – SMART.
Writing your goal will also help you get focus and reminded of your goal.

STEP #2: Select the budgeting style that fits you.

Photo by NeONBRAND on Unsplash 1

Photo by NeONBRAND on Unsplash

Recording your cash inflow and outflow using a pen and paper are still common today. Using an accounting ledger, you can write down the ins and outs of cash. A working calculator is also needed to help you in the computation.

Though manual is still an accurate way to notate income and expenses. An electronic budgeting software will make your job a lot easier with fewer errors too. Visit Mint.com to sign up and create an account for a budgeting tool.

STEP #3: List everything that affects budgeting

Photo by Dose Media on Unsplash

Photo by Dose Media on Unsplash

U.S News and World Report suggest separating the incoming and outgoing. Anything that has something to do with the finances must be included. Like income statement, bills or receipts must be listed and categorized. Get the total of the incoming amount as well as the outgoing. At this point, you will be able to determine which amount is higher.

In most cases, income is smaller compared to expenses, hence budgeting will come in.

STEP #4: Study and check the expenses.

Photo by Lonely Planet on Unsplash

Photo by Lonely Planet on Unsplash

This step will help you determine the specifics of the outgoing category. It includes utility bills, mortgages, and credit cards. Also, another necessary spending like food and clothing needs review.

Draw your attention to optional spending. That is usually incorporated into your necessity, like expenditures for recreational activities. Keep an eye on this subcategory since it will go up fast without us being aware consciously. It is wiser to control this spending as this is the only option that you can divert money to pay off debts.

Control and be mindful.

STEP #5: Debt pays off.

Photo by Matthew Kwong on Unsplash

Photo by Matthew Kwong on Unsplash

Most of us want to become financially free. That is the reason for budgeting with the hope of getting out of the rat race. The way to make it happen is to pay debts each month, at least. But, if you’ll pay higher than that, it will decrease the debt and makes interest lesser.

College to Career

As a new graduate, you might not know what your next step should be. Check out Transitioning from College to Career: A Guide for New Grads by our friends at Groom and Style.  Part of your monthly family budget should include planning for your future.  This guide is an outstanding resource to prepare young adults in the “real world.”

Monthly Family Budget Final word

Monthly family budgeting is a mixed-up, but it doesn’t say it is difficult. Self-discipline is a key to make budgeting work easier. We just need to live on by our means. Getting aware the real value of how much we only earn and spending only within it.

Do not spend beyond your capacity in order not to blow up.

By knowing our income, liabilities and the outflow of the money, we gain control over our finances. The challenge though is to decide which one to sacrifice to cut or minimize to live within what we earn.

In cases of payments are still much greater than the inflow, extra income can be a solution. Or, you can find your way to a free credit counseling service for a more informed decision you can make.

Nothing is impossible if you believe and act on it.

What do you plan on doing to create a monthly family budget? Share in the comments below so that we can learn from one another.

RESOURCES

https://www.today.com/money/build-family-budget-actually-works-2D79417869

https://www.mint.com/budgeting-3/how-to-create-a-budget-step-by-step

https://theorganisedhousewife.com.au/organising/money-saving-budget-tips/how-to-create-a-family-budget/

https://www.thebalance.com/set-up-a-family-budget-3129262

https://money.usnews.com/money/blogs/my-money/2011/08/18/how-to-make-a-basic-budget

https://www.mint.com/

https://money.usnews.com/money/blogs/my-money/2011/08/18/how-to-make-a-basic-budget

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It’s Been Two Weeks But Happy New Year!

Work life and home life has gotten the best of me and I have not been the best at keeping YOU abreast of the best information out there regarding working online. I won’t even begin to explain how busy these past four weeks have been between.

However what I can tell you is that 2019 is here and I PROMISE you that I will continue to bring the best online opportunities and more episodes of my podcast, The Teacher Ces Podcast.

I invite you to follow me on social media.

Although I am not Oprah, I will leave you with three of my favorite things that you might want to check out as well:

I spend the month of December reading Becoming. It was definitely inspirational and eye-opening.  I would love to start a book club and have a discussion about this book.

 The holiday was a good time, too good time actually. I have been drinking a lot of green tea to get everything back in order.

My old online headsets finally cracked on me. I mean literally fell apart. I am overall happy with these new headsets.

Methods to make money from thrift stores

A thrift store is one of a kind that helps people buying things at a very affordable price. Regardless if it is brand new or secondhand doesn’t matter. What matters most is it helps people who cannot afford to buy brand new items. Aside from being an effective and cheaper store, this will help make extra money. Most especially if you are knowledgeable in buying and reselling from thrift stores.

Here are important things that you should understand. Before you can earn money from thrift store purchases. First, you should know where and how to find the best price deals. When you shop, you must strictly follow the very specific list of do’s and don’ts of a thrift store.

Second, you should understand that not all the time when you make a purchase you will earn big income. Just like a normal business you sometimes you hit big profit, sometimes break even or losing some.

Six practical ways to make big money from Thrift Stores

1. Your  Smartphone is always ready. It is of great advantage if you can check every now and then any valuable item. When see the opportunity grab your phone and go to eBay, do a search for it. Then, you need to sort the price from highest to lowest and vice versa including the fee of shipping. In this way, you can take 90% of your guesswork out of thrift for profit using your smartphone.

2.  Know where to sell- in selling online the biggest keys is to know where the item is best to offer or sell. Losing and making money rely on where you can possibly resell the item you bought. Most online seller prefers eBay. But still there are a lot of other options, it always defends the profitability concerned. You should know and consider the five things that can make big money in reselling on eBay.

Know what item to sell. We suggest choosing items which are fast selling with high profitable value. Such as video games, toys, and books, clothing, and DVD.

3. You should know the real value of the item. You can easily find the real value by means of searching completed eBay auction. You can get the average sale price in eBay auction. But always remember the different averages will have different selling areas.

4. Ask for feedback from your customer.  To assess your effectiveness, especially in customer service, feedback is important. This could be from your online sales either in eBay, Facebook, and Amazon. Regardless if it is a good, neutral or bad feedback is very useful. To help you make certain improvements and changes.

5.Patience and consistency is a virtue– do not expect overnight success in a thrift store. It takes a lot of time to master and familiar the system. Continue doing research. Find the best strategy on how to earn a lucrative income from your thrift store.

Bottom Line

In order for you to earn a huge money from your thrift store, it requires a lot of hard work, patience, and consistency. Do not limit yourself with the given practical ways on how to make money of thrift store. But do your part for further research and study the system.

REFERENCES:

8 Thrift Store Shopping Do’s and Don’ts

11 Ways to Earn Extra Cash From Thrift Stores

5 Things You Can Resell on eBay That Make the Most Money

eBay

How to become a successful hair salon station renter

Barbershop and Salons are design or structured with a station or booth rental model. This model needs diligence in modeling your financials. As this is a very challenging business model to determine your salon point of break even.

You should know the effective way to become a successful hair salon station renter. Because lack of knowledge and poor management system will lead to unprofitable business.

Being a booth renter means that you are also a business owner. You should not forget your responsibility while enjoying your freedom and flexibility. Below are the few Tips and bits of advice on how to become a successful salon booth renter.

Tip #1. You need to get sets of skills

As a matter of fact, hair salon station renter needs salon training. These are recognized internationally that has designed for booth Renters Management System. It has to meet the specific business needs both renters in barbershop and salons.

Most of the successful booth renters are not only business minded. But also has a teachable mind and heart.

Excellent communication skills are very important tools. It will help you effectively manage the salon renting business. You should also learn the skills of management of different people personalities.

Tip #2. You must be Clear and Precise

Make your expectations and agreement with your new renter clear. It must be precise and not arguable. Your lease agreement must black and white, readable and easy to understand. All required duties and responsibilities as well as sanctions. As well as the number of warnings should be incorporated in the binding agreement.

Tip #3. Be a good role model

Setting as a good example in tone as well as modeling being a team player is so vital in salon station rentals. The more you are willing to help and pitch other renters, the greater chances of success of your salon. Respect always and being courteous will make people more comfortable with you.

yellow plush toy

Photo by Pixabay on Pexels.com

Tip #4. Manage your emotion

Managing your emotion is very important in decision making. Sometimes being so emotional will hinder to execute good judgment. You can either consider the renter as your assets or liabilities.

If you find your renter good this could mean they can be a potential asset. That you need to keep, but if your renter is problematic then he or she is your liability so, better to let it go.

It’s all your business and your decisions matters most.

Tip #5. You should know the Laws

Knowing the law of an employee and employer relationship.  As well as the law between tenants and the landlord is very important in the business. The written contracts make all things easier and both sides are protected in the long run.

Final Thoughts

To become a successful hair salon renter is not the easy task. It requires a set of skills, a clear vision, and a specific goal. As well as a good role model without this it is impossible to achieve the ultimate success of the business. In all business, emotional stability and maturity play a vital role. Also, to succeed in your business technical and legal knowledge are essential to apply.

REFERENCES:

How to Make the Booth Rent Model Work for a Salon or Barber Shop

Tips for becoming a successful salon booth renter

5 ESSENTIAL TIPS FOR A SUCCESSFUL BOOTH RENTAL SALON

BUSINESS BASICS FOR BOOTH RENTERS

Helpful Ideas on where to Invest Your $1000

In our present economic status, it is not practical to rely upon a single source of income. Especially if you already have a family that depends on you. There is a need to start for looking best opportunity to start with like investing. And the truth is if you have $1000 in your pocket you can start investing and earning extra income.

Some people misunderstood the word investment because they think huge money. The idea given in venturing into any form of financial investment looks grandeur.

Now the big question goes if it is possible to make money out of your $1000 investment? Can you possibly invest with that certain amount of money?

The answer is “yes” you can start investing and grow your profit with a thousand dollars capital. There are plenty of options and ways where you can invest your $1000 capital.

Yes, having the big amount of money has a  great advantage to start a business or investment but not all are necessary. As long as you can you have enough skills to identify the risk and reward ratio of your investment. There is a high risk involved in the minimal capital. But if you know how to choose the right opportunity. And learn how to plan to manage the risk you will increase your net worth.

round silver and gold coins

Photo by David McBee on Pexels.com

Below are the best options for when to start investing your $1000. And make Return of your investment in the fastest ways.

  • Trade Cryptocurrencies

Perhaps you are not familiar of this but you can do your personal research. And study how to start trading cryptocurrencies.  Yes, for beginners it is difficult to understand this kind of investment. But this is very rewarding. And you can start investing your thousands of dollars in this kind of investment.

blue and yellow graph on stock market monitor

Photo by energepic.com on Pexels.com

  • Trade Forex

This is a highly volatile market wherein you can take advantage of the movement of price either ups or down. The simple principle is to buy at a low price and sell high price, likewise, sell at high and buy at the bottom. You can start mini trading account some brokers offer as much as $50-$500 of investment like FXCM.

The good thing in forex trading is you can trade on a short-term basis, you can buy or sell anytime you want. All you have to do is always put risk management techniques every time you make a position or enter a trade. Common use to protect your investment is to put stop loss to limit your losses and put take profit. You can manually liquidate your position or automate the liquidation.

Before you start trading forex you need to learn more and do further research on how to trade forex. This is not for everybody this is good for the strong individual and not fit for faint-hearted. But this a high reward investment that you can double your money. Even in a few trades, but there is also great chances of losing so, always put stop loss.

  • Engage in Peer-to-peer lending.

This is one of the hottest investment vehicle these days. You can do more research on peer-to-peer lending if it is suitable for you.

Point of View

There are lots of options that all you have to do is research and study. Being limited of capital is not a big problem anymore for you to start investing. There are many available opportunities in the market today. That you can start earning money by means of starting investing, even in a $1000 of capital. You have many options where to invest that is comfortable with you.

REFERENCES:

6 Cryptocurrencies You Should Know About (and None of Them Are Bitcoin)

FXCM- A Leucadia Company

How to Trade Forex

7 Quick Ways to Make Money Investing $1,000

Why Peer-to-Peer Lending Could Be a Good Investment Choice