A Budget Can Help Boost Your Family’s Savings

Oct 31 • Financial Planning, Life Planning • 626 Views • No Comments on A Budget Can Help Boost Your Family’s Savings

By Ashley Kopmeyer

Many couples and families find themselves wondering where their money goes. Faced with income constraints and competing demands for their money, many people simply spend what they must on necessities and save whatever happens to be left over. Or they spend all of their wages trying to make ends meet and borrow or charge anything else.

Whether you live close to your means or have substantial financial resources, a budget can serve as the foundation for a family savings program. It can be an effective tool to help control both personal and household expenses, thus freeing up income that you can redirect toward your family’s future.

My own family recently started a budget.  With two children in daycare who will (hopefully) attend college one day, we wanted to make sure we are using our financial resources correctly now in order to meet education funding and other goals.

How does a budget accomplish these goals? Consider the following points:

  • By putting your family’s actual expenses down on paper, a budget may reveal an inefficient or ineffective use of your family’s financial resources.
  • Once you see where your money is going, a budget can encourage you and your family to conserve your financial resources or spend them more wisely.
  • A budget can assist you in anticipating financial problems that might otherwise arise from your present spending habits, thus allowing you to take corrective action to prevent complications before they occur.
  • Equally important, a budget may alert you to the need to develop alternative courses of action to achieve your family’s financial goals.
  • A budget can also help motivate you and your family to stick to a savings plan once you’ve committed yourselves to it.
  • Finally, a budget can help you evaluate and measure your progress toward meeting your family’s long-range financial objectives.

Regardless of your family’s dreams—college funding, an early retirement, or a once-in-a-lifetime vacation—a budgetcan help boost your savings, and hopefully aid in Making Life Count!® For help getting started, schedule a meeting by clicking below, contact Ashley Kopmeyer –akopmeyer@makinglifecount.com, or call (913) 345-1881.

Photo credit: mayrpamintuan via Foter.com / CC BY-ND

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