The family budget

When you’re thinking about how to save more of your own money, it can help to think about how an average household manages theirs. The money comes in, the money goes out, but how do most families cope with everyday bills and expenses, and also get ahead?

Yes, there are plenty of families who find managing expenses a constant struggle – even families on high incomes with big outgoings. However, households who manage their finances well generally stick to a detailed budget.

The best way to prepare a budget schedule is to work it out for a 12 month period, as expenses can fluctuate from month to month.

Adding it up

Below is a budget listing the incomings and outgoings that an average family of two working parents and two children might have. It’s always surprising to see how many outgoings there can be!

We’ve also added alongside it a list of your own possible incomings and outgoings. Feel free to add to it. We’ve left a blank space at the end of the list for you to add other items if you wish.

Why not create your own budget with actual $ amounts. Try our Budget Planner.