How to Set Up a Family Budget

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When setting up a family budget, use computer software to create a spreadsheet or ledger that can be printed out for everybody to understand. Make sure that bills are paid against the income in a family budget with help from a registered financial consultant in this free video on money management and financial advice.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser, Patrick Munro, talking about how to set up a family budget. Having a budget with the family is very, very important to the success of the family, because financial worries are one of the main concerns for family breakup in America. So, make it a priority, and the best way to do this is, of course, to have your bills stacked up in chronological order, and have a system. A spread sheet, a ledger, perhaps computer software. Many people use that, nowadays. And what you do is you make sure that your income, your bills are paid against the income, and the resulting leftover is for your discretionary income. It's important when you set up a family budget to always pay yourself first, and put some money away for an emergency fund first, and once that's achieved then put it into a retirement account. And a retirement account is what's going to build your future for the family unit. Always make sure that you keep your expenses down, as well, and that will allow you for more discretionary income. This is Patrick Munro talking about the execution of a family budget.

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