These are topics that people ask about all of
the time, there are discussion forums and
community groups with each
the time, there are discussion forums and
community groups with each
Hot Topics
Preparing a Family Budget
Get a basic estimate of expenses
1. Save all receipts for anything purchased for one month (three
months if you have them)
2. Gather all bills received for one month (three if you have them)
3. Add up all of these expenses
4. Use a spreadsheet for the planning process.
5. If you are expecting a newborn, you should expect an
increase in health insurance costs.
Prepare to Save
1. Plan to put about 10% of salary into an IRA or 401K account to
be used for retirement or college expenses.
2. Talk to an accountant or investment manager. They may have
some good ideas on how to save effectively.
Prepare a Budget
1. Add up monthly income after taxes
2. Subtract amounts going into IRA or 401K to be saved
3. Subtract estimate of expenses.
4. Divide expenses into essential and non-essential expenses,
and estimate what you will spend next month.
5. Plan what you will buy for next month. DO NOT EXCEED this
plan. If you need to buy something not in the budget, plan to
buy it in the next period and work it into that budget. This
discipline will help you in your planning process.
6. Any money that is left over at the end of the month should be
moved into a savings account for emergencies or special
occasions.
If budgets are tight
1. Plan to save money, look around for a 99 cent store, save
coupons for items that you use, compare prices. These activities
can save a great deal of money, and give you focus on staying
within your budget.
2. Plan for expenses in the monthly period, buy clothes or other
non-routine items in the second half of the month, but look for
sales during the first half in case you can buy them more cheaply.
3. Use your bank card, only use credit cards in an emergency.
Pay off your credit card as soon as possible to avoid interest and
fees.
1. Save all receipts for anything purchased for one month (three
months if you have them)
2. Gather all bills received for one month (three if you have them)
3. Add up all of these expenses
4. Use a spreadsheet for the planning process.
5. If you are expecting a newborn, you should expect an
increase in health insurance costs.
Prepare to Save
1. Plan to put about 10% of salary into an IRA or 401K account to
be used for retirement or college expenses.
2. Talk to an accountant or investment manager. They may have
some good ideas on how to save effectively.
Prepare a Budget
1. Add up monthly income after taxes
2. Subtract amounts going into IRA or 401K to be saved
3. Subtract estimate of expenses.
4. Divide expenses into essential and non-essential expenses,
and estimate what you will spend next month.
5. Plan what you will buy for next month. DO NOT EXCEED this
plan. If you need to buy something not in the budget, plan to
buy it in the next period and work it into that budget. This
discipline will help you in your planning process.
6. Any money that is left over at the end of the month should be
moved into a savings account for emergencies or special
occasions.
If budgets are tight
1. Plan to save money, look around for a 99 cent store, save
coupons for items that you use, compare prices. These activities
can save a great deal of money, and give you focus on staying
within your budget.
2. Plan for expenses in the monthly period, buy clothes or other
non-routine items in the second half of the month, but look for
sales during the first half in case you can buy them more cheaply.
3. Use your bank card, only use credit cards in an emergency.
Pay off your credit card as soon as possible to avoid interest and
fees.
Sara's Cheat Sheets
Additional Resources
Consumer Credit Counseling Service,
Budgeting Advice
Women Today, Preparing your Family
Budget
Enhanced Wealth Limited, Preparing a
Personal Budget
Miami Herald, "Baby on Board"
Dave Ramsey, Financial Peace University
Consumer Credit Counseling Service,
Budgeting Advice
Women Today, Preparing your Family
Budget
Enhanced Wealth Limited, Preparing a
Personal Budget
Miami Herald, "Baby on Board"
Dave Ramsey, Financial Peace University
Sara's Cheat Sheets are check lists and guides
to doing a good and thorough job in those
challenging first time tasks that parents come
across. If you have suggestions or additions
please write to sara@parentingwithsara.com
to doing a good and thorough job in those
challenging first time tasks that parents come
across. If you have suggestions or additions
please write to sara@parentingwithsara.com
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