In our economy today, it is really important to work together as a couple and make
sense cents out of your finances. Have you ever heard the famous Benjamin Franklin quote, “A penny saved is a penny earned?” What is important is knowing where to save the penny and where to spend it.
How to Make Cents Out of Your Finances
- Know How Much You Earn – For most people this is easy to calculate but it is always important to be aware of your bottom line, after taxes and insurance, of what you bring home and have at your disposal.
- Know Your Expenses – If you don't know how much of your profit is going out each month, it will be really hard to be able to live within your means. Write down how much you pay for monthly bills and add what it would cost monthly for annual bills, like taxes or yearly subscriptions.
- Set a Budget for Other Things in Your Life – For most families, some expenses fluctuate or are hard to estimate. This is where a budget becomes important. If you know how much you earn, how much you pay each month for set expenses, you will be able to calculate what you have left over. From this amount, you can budget things, like: fuel, groceries, entertainment, household needs and more.
- Monthly Accountability – Each month, when you balance your check book, you should have an accountability time with your family. During this time, discuss how much you spend in the budgeted area and find a way to motivate your family to help you save more from that category and to put into savings for a family vacation or to get out of debt.
What's in the Ultimate Homemaking Bundle to Help You Make Cents Out of Your Finances? ($698 value!)
- 5 Days to Budget Breakthrough: Change Your Money – Change Your Life by Kimberlee from The Peaceful Mom
- 76 Free Things to Do with Kids: A Real Mom's Guide by Shannon by Growing Slower
- Advanced Penny Pinching: Stockpile – Strategize – Save by Tabitha from Meet Penny
- Cash Flow Your College: Knowledge in Your Head Without Getting in the Red by Kayla from Renown and Crowned
- Christian Wealth Building by Michael from MichaelPink.com
- It's Me or the Coupons: How a Busy Mom Can Win the Grocery Budget Battle by Beth from Eat Better Spend Less