Making Cents on MetroFM – 2020.02.04
Mary J was invited by SPHEctacula and DJ Naves to share her views on the topic of family finances and budgeting.
A family budget is a record of what you earn and a great way to plan what you want to spend. We often call it a “Spending Plan” vs a budget as it just feels better and more inspiring. A family Spending Plan should help you spend your money wisely on the things you must have as well as provide for setting aside money for unforeseen expenses – for example, if your car breaks down and needs repairs.
Having a Spending Plan can help you to stop accidental overspending, as it serves as a way to hold yourself accountable to your goals and what you want your money to do for you and your family.
Questions explored included:
- What does family financial wellness mean?
- Should there be one person involved in managing the family budget?
- How do you get children involved?
- How does a family determine and differentiate between their needs and wants?
- What the first three things one can do are to get started.