Page 22 - Book3E

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In your family council, ask each household member to respond to the following questions:
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How did you do with tracking your spending?
What will you change to improve your ability to stay within our budget?
Are you starting to get the feel of how a budget benefits our family?
Plan for the Future
Regardless of how frequent or how effective your budgeting is, there will be emergencies and surprises in the managing of money. When unavoidable circumstances occur, it is sometimes a good idea to revise the budget. Revisions should not be made just to allow for new and unnecessary spending, but only for those unexpected things that can absorb your family funds. Revising your family budget under such circumstances may be a necessary action to help get and maintain control of your family’s spending and expenses.
It is likely that you will remember to budget for car repairs, home repairs, and yard maintenance because you have experienced them in the past, and you know they can be a real source of unbudgeted costs. But there are unforeseen expenses that can occur because of family emergencies, natural disasters, or other circumstances that you haven’t faced that will create some financial surprises.
The purpose of your budget is to find the best road to improving your family’s finances. The more specific your purpose becomes, the more defined your plan will be.
A positive cash flow is when you spend less than you make. A negative cash flow is when you spend more than you make. Which would you rather have? If you have a negative cash flow each month, look first at expenses that are “wanted” rather than “needed,” e.g., clothing, entertainment, etc. While these are some of the easier areas
Measuring Your Current Progress