Making a Family Budget

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When making a family budget, the goal is to allow clarity for the family by instituting a system that saves time and energy. Put together a ledger or spreadsheet when making 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 construct a family budget. A family budget and the construction of one is very, very important from many reasons. It allows clarity for the family. It allows you to have a system that you can put in place, and my definition of a system is something that saves you time, energy and money, and the family is able to put this together, and construct it and stay with it. Constructing a budget means putting your system together and that's a system of a ledger. All your bills are placed in there in chronological order, and you must stay to the budget. You have a budget for food, clothing, shelter, automobile expenses, Christmas fund, various things of that nature. Then you sit down and you pay yourself first, every month, and then you pay your bills after that, and if your budget is tight enough, you'll have some money left over for funding an emergency fund and or, once that's done funding your retirement. It's easier said than done and constructing a family budget is a critical portion to everyone's life. This is financial adviser Patrick Munro talking about how to construct a family budget.


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