Household Budget Options for Debt Free Living
Creating a monthly household budget is essential to debt management and the overall success of your any Debt Free Living Plan!
Budgeting is really such a simple concept! Webster defines a budget as: "The total amount of money allocated for a certain purpose." In this case, the total amount of money is "what you earn" and the purpose is "living."
Household budget planning should address just that...
- How much money do you have to allocate to your living expenses?
- How much are you spending?
If you're like a lot of other people, you're spending more than you earn. That's how the debt cycle begins. Debt management is achieved through household budget planning. Like "peanut butter and jelly" they just go together!
If you already have a budget you're ahead of the game. Maybe your budget is not working as well as you would like.
If you don't already have a budget, read on.
Creating a Workable Budget
The creation process is a bit time consuming, but all you need to start is pen and paper. You will be successful as long as you stay with it! You don’t have to have computer software to create your own budget. It is less time consuming if you utilize a budgeting program, but certainly not neccessary.
I highly recommend that you keep all your financial information in one location.
You can do this on your own with pencil and paper. However, if want or need something more, you can use the services of a professional or purchase tools to make the task easier.
Whatever method you decide is best for you be sure to include a few essential entries in your household budget:
- Savings allowance (if possible)
- Variable expense allowance
- Your total monthly debt payment
Our Debt Free Living Household Budget is designed to include a consistent monthly debt payment, a variable expense allowance, and a savings allowance.
Review the step-by-step creation of your Do-it-Yourself Budget.
Whatever method you choose it is advisable to at least review the concepts and structure of the DFL Household Budget. This will enable you to adapt any system you use to the Simple Debt Free Living Plan.
The Simple Debt Free Living Household Budget is designed to help families become and "stay" debt free!
You will need the amount of your monthly debt payment to include in your household budget.
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