Organised not OCD – The importance of a family budget

Here is the next instalment of my Organised not OCD tips and tools.  As I have said before, whilst it is not everyone’s instinct or desire to be organised, when you are a wife, mother and homemaker I believe you don’t have a choice to at least try some form of organised in your day to day life. 

Add working mother, business owner, host to an Au Pair or taking you kids to Day Care/School/Activities and throw you time into the mix, and your DEFINITELY don’t have a choice but to but to implement some organisation in your life! 

One of the top stressors in our daily lives is MONEY!  This is no surprise to you I’m sure and the effects money stress can have you on, your relationships and your family can be significant.  You may live in a single income family, a double income family and have other forms of income coming in.  You may be doing very well financially or you may have a number of debts and money concerns that are impacting your ability to sleep at night.  Whatever your situation, I believe it is important to have a budget for your family for the following reasons:

1) You have a realistic picture of the money coming in and out each month;

2) You can map out what bills require payment before distributing out the remaining funds in your pay check;

3) You have an understanding of what are need to have’s and what are nice to have’s;

4) You can set goals – this may be just for savings, for buying a house, for going on a holiday, for your children’s education etc;

5) You can take ownership of your finances and feel like you are in control instead of the other way around;

6) You can make the required changes that may need to be made to get back on track and make smart choices aligned to your financial situation.

Now I am not a financial planner by any means and this blog is not aimed at giving you financial advice!  I am simply sharing what works for my family and I and how we have benefited from this, especially when moving from a double income family to a single income family.

The key items we budget for on a monthly basis include:

· Telstra – Internet & Mobile Phones

·  Netflix

· Boat Insurance

· Boat Registration

· Boat Service

· Car Insurance

· Car Registration

· Car Service

· House Insurance

· Health Insurance

· Mortgage

· Rates

· Shares Account

· My Lady Pampering – Waxing & Hair

·  Husband’s Fishing Fund – Fuel and boat requirements

·  Doctor’s/Medications

·  Gifts & Unforeseen

·  Living Expenses – Food, Alcohol, Entertainment, Baby Stuff, Fuel, Pool Consumables

·  Savings

Yes there are a lot of items on our spreadsheet however it captures all of the important things!  We have the following bank accounts set up (jointly) in order to manage this budget:

1)      Everyday Living

2)      Planned Expenditures

3)      Payment Account

4)      Savings Account

5)      Child # 1 Account

6)      Child # 2 Account

7)      Credit Card

We set up automatic transfers the day after pay day each month that distribute the budgeted funds into each account and off we go!  I’m not saying we don’t have moments where we splurge a little or slip up, however we try and save those moments for when the bonus comes in each year!

Feel like you need to take back some financial control?  Why not give it a go!  What harm can it do?  It can be scary to action this and see where your money actually goes each month!

If you have any questions regarding setting up a family budget, please don’t hesitate to email me: hayley@pilbaraaupairservices.com.au.