The Structure Of The Family Budget

The structure of expenses and costs in the budget of the family should be clearly defined. You must clearly understand what sources of income you have, and what sources of expenditure.

A clear understanding of this will help you to get a complete picture of what you spend from the family’s budget.
The structure of expenses in the budget of the family should be approximately as follows (for a standard family, which consist of three people: a father, a mother and a child):
1. Food – every family needs to eat three times a day, so the family members have to buy food almost every day. Once a month big purchases can be done, such as the supply of sugar, cereals and other products. But all the same every day some amount of money is spend. So, you should consider the fact, whether you buy products for the whole week at the supermarket, or for a month at the market.

2. Transport – if you go to the office by bus and your child go to school by tram, in your family budget you should point out the item of costs for transport. Or if you have a car, you should pay for petrol. And in this case you should include the cost of washing machine for a month.

3. Personal expenses- each family member has his personal expenses. For example, a mother spends money on cosmetics, hairdressing, solarium, etc. Father – on trip for hunting, fishing, going to the bar with friends, etc. The child – on toys, sweets, payment of a kindergarten and other etc.

4. Domestic expenses – monthly cost for all sorts of household needs. Toilet paper, toothbrushes, dishwashing detergent, the bulb in the chandelier, etc.

5. Utilities – expenses for the month for an apartment. Light, hot water, cold, heat, a garage (if any), cable, etc.

6. Communication – expenses for a month on the internet, on the mobile or the fixed location phones etc.

7. Reserve – the amount for the month, intended for unanticipated expenditures of any. It is the item, expenses of which you didn’t’ take into account, some unplanned expenses. For example, you are going to the restaurant with the family, or to the cinema or to the bowling with friends. If the budget of other articles has been exceeded, then the needed money can be taken from this reserve. So these articles of expenses should be considered in the planning of the family budget.

8. Savings – the money, which you get every month, you could set aside for large purchases, leisure clothing, etc. They can also be used for unexpected expenses, which are very important (give money to relatives in urgent situations, for example on hospital etc.).

When you are planning the family budget, the articles of expenses can and should be changed, depending on the external situation, individual needs of the every member of the family and of changing circumstances.

Economic recession has made lots of people look for various ways to save funds and saving money expert. Another part who already made some cash and would like to make more, certainly might require mutual funds investment advice. Moreover, financial planning should be of help to young people as they need to cope with many things in their lives, and here financial advice for young people site could help them.

Luckily we live in the world of high technologies. It wouldn’t be wise not to avail oneself of this really unique chance. Current Internet technologies allow us to break the borders and search anything we need all over the planet. Visit different social networks, check respective topics, join online discussions in niche forums. All this will help you keep abreast of the events concerning your hobby. Also, subscribe to the RSS on this blog to keep track of the latest publications on the topic.

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