There seems like an unwritten rule that homemakers need to make a feasible budget for the family. A financial plan that considers all the family’s current and future income and expenses is a must-have for every home. However, with all the many other aspects of parenting and family life, it can be difficult to regularly plan and keep track of our spending.
Aside from that, anything that has to do with NUMBERS ain’t my cup of tea. But, when it comes to preparing a budget for myself and my own family, I have no choice but give it my best shot every single time.
So what keeps me going when I feel like skipping this part of my “homemaker responsibilities”? I keep an eye on the many indispensable reasons why moms like me need to create a feasible budget. Sharing some with you in case you need reasons to stick to a budget.
Simply put, budgeting is one way for you to be intentional about your spending habits. In addition, it enables you to control your money and save you from the stress of adjusting your finances due to a lack of funds. This is an effective way to prevent financial problems in the family.
Stops you from overspending
Let’s admit it. In the age of online shopping, it can be so tempting to splurge on monthly clearance sales and other exciting promos. Having a feasible family budget will serve as your reality check when it feels good to just keep spending even on stuff that you don’t really need at the moment. This gives you the power to always be on top of the money you’ve earned and how you can spend it while ensuring you have enough savings.
Enables You to Save for Emergency
Having an emergency fund is a must, especially if you already have a family. You’ll never know when your kitchen stove will give in or when a family member gets sick. As life is truly unpredictable, you need to always be prepared. Having a feasible budget helps you control your spending to save a significant amount for your emergency fund.
Helps you achieve long-term goals
A feasible budget also helps you walk towards your long-term goals— from your dream house and a grand vacation in Paris to a stress-free retirement. It does so by forcing you to prioritize and keep track of how money is spent in the family, helping you create funds for your goals.
Allows you to set an example for your children
The best way to teach kids some financial wellness lessons is to be an example. When your children know that their parents create a budget and stick to it, they will know by heart the importance of financial planning at an early age.
The next time we feel like pouring money down the drain, we just have to recall all these big reasons to create and stick to a budget for the family. The benefits we’ll get from it will certainly outweigh the fleeting happiness brought by careless spending.
Need some help in sticking to your budget? Click here to read this article that offers realistic tips on how to follow the feasible budget you’ve just created.