How to Set Up a Family Budget

Series Summary

Finance, whether personal or corporate, refers to money management. By creating a personal budget and managing money, one can organize personal finances to avoid debt caused by frivolous spending. When a surplus of money is formed, investing is an option that makes money work harder. Investing varies from low-risk certificates of deposit to high-risk stocks. Being smart with money can create a healthy savings for the future or retirement. In this free video series, a registered financial consultant provides advice to help people understand how to manage their money. Discover how to set up a family budget, how to use a safe deposit box and how to simplify the process of paying bills. Find out how to wire money, how to survive an economic recession and how to start investing. Gain a better understanding of the financial world with these free videos.

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."