Family Budget Tricks

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A great family budget trick to follow is called the envelop system, which calls for individuals identifying current expenses and placing just enough money in an envelop to cover those expenses. Make sure expenses are not getting out of hand by using the envelop system with tips from a registered financial consultant in this free video on personal finance and money management.

Part of the Video Series: Personal Finances & Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about family budget tricks. Well family budget is tricky enough to pull off without having any additional stunts being pulled. But family budget tricks really come down to the following issue. An individual needs to be well aware of what their current expenses are. The best way to use a family budget is to have an envelope system. In other words if you have a grocery budget you put x amount of dollars on the front of the envelope and then you place the receipts when you buy groceries, in to the envelope and make sure that the amount of dollars does not overextend what you have placed on the front of the envelope. It's called the envelope system. Same thing for dining out, same thing for utilities and various other things. Then you're consciously aware of where your money is going at any particular given point in time. And you, if you see things getting ahead of themselves where you're heading more month than dollars, you can pull back and make sure that you're getting the budget back in to line. This sometimes is referred as a trick but more often it just should become a habit. This is Patrick Munro talking about family budget tricks.

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