Creating and following a household budget is one of the best
ways for families to save for college, retirement and other
future endeavors. Begin by assessing your spending habits,
budgeting accordingly and spending wisely, and your budget can
help you build a secure future for you and your family. Assess
your current income and spending habits Before you can build a
budget, you need to have a clear picture of your financial
situation and where your money already is going. According to
Wachovia, you should begin by identifying all areas of income,
including salaries, bonuses, retirement accounts, life insurance
policies, owned properties and cars. Then, move on to your
spending habits. Use recent bank statements, ATM receipts,
credit card bills and household bills to figure out where your
money is going every month. Create a realistic budget Once you
see how much money you have and how much money you owe in a
typical month, it's possible to create a realistic budget. You
may find that a budget based on your cu