Definition
A plan for how your household will earn, spend, and save money. It helps ensure that your spending aligns with your financial goals.
What to consider
- Create a realistic budget that covers all essential expenses.
- Review and adjust it as family needs change.
- Use tools or apps to keep track of your spending.
Real world scenarios
- Caroline lists all fixed bills and variable expenses, assigning each dollar a job. This clarity reduces her impulse buys.
- Jay revisits his household budget monthly, adjusting grocery and entertainment allocations after noticing higher food costs.
- By closely tracking spending, Dev sees where he can cut back and reroute funds to debt repayment and savings.
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