My mindset in having a family budget is that it’s a tool for my wife and I to stay on the same page with our spending, our goals and for us to manage our money versus our money managing us. Here are 3 tips that work for me:

1. Have a budget

‘You Need a Budget’ is a popular budgeting software program. As you know, I agree with the ‘need’ part no matter your financial situation. What company doesn’t have a budget? YNAB provides an automated way to track spending and maintain account balances. You can easily assign spending transactions to budget categories as well.

2. Flow with your budget

Plans can change and I believe you have to flow with them each month by moving money from category to category. There are always unexpected expenses as well, so you have to be willing to problem solve with the money you have versus mindless spending with a credit card. Overall, I just know our budget isn’t going to be perfect, so we adjust as we go.

3. Have a weekly meeting

This works well for my wife and me. We meet weekly for a few minutes to see how we’re doing. We make decisions together. We work on our financial goals together. We plan spending on fun things together. We have our own spending categories, but we manage all of our resources together. Together, we can accomplish more.

What are your thoughts? Comment below!

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I think it’s a good idea to clean house and get rid of junk occasionally. It’s amazing how we accumulate over time. I think the same can be done with our finances. Here are some ways I clean out the junk, or cut unnecessary expenses:

1. Review subscriptions

It’s super easy to subscribe to memberships and subscriptions. I just ask if it’s something that is adding value to my life. Is there an ROI? If not, it’s gone.

2. Remove habits

One habit for me can be buying coffee. I often buy a coffee when meeting someone at Starbucks or when I’m out and about. This adds up depending on how many coffees I buy per week. So it’s a matter of evaluating where I have created these habits and changing them when they seem to be getting out of control.

3. Budgeting

The last way I cut unnecessary expenses is by updating our budget every month. My wife and I give every dollar a job so that eliminates most random purchases. There is an amount set aside for eating out, coffee, etc. and when it’s gone, we have to make a conscious decision to move money from another category (give something up) or stop spending. Our budget helps us stay on track towards our financial goals.

What are your thoughts? Comment below!