Successful businesses plan spending budgets and income targets for the calendar year. Often this happens in January for the current year after they have been able to collect and digest the previous years financials. You and your family deserve nothing less that success also. Its time to get your finances in order for the year. Yes, plans will change and things will come up, but a plan is priceless in guiding financial decisions and planning needed savings.
Take some time now and map out some of the following:
- vacation plans
- major purchases (think furniture, vehicles, entertainment systems, electronics, housing)
- any life changes such as a new baby
- plan your regular bills and expenses, birthdays, holiday spending
- plan for some miscellaneous expenses every month.
- plan to save some money
- if possible, plan to pay down some of your outstanding debts more aggressively. Start with the highest interest debt and prepay as much as possible to reduce or eliminate interest on those debts.
Its important to get your whole family on board with the plan so you don’t have to come across as “the heavy” when declining requests for spending. If everyone knows the plan, its much easier to control family spending.
Use some kind of tool. Don’t use a white board or piece of paper (maybe you can start with that). I suggest an online solution that you can have access to from anywher(home/work/friends place/etc.) CalendarBudget is a great option, but of course there are other option. ?Choose one and go for. ?
Best of luck with 2009 financial planning!
Posted in Financial Planning Process, General, Money Saving Techniques | 
Tags: annual budget, family budget, personal budget