Food Budget for Families of 4

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Create a food budget for a family of four by looking at the special needs of each family member, such as diapers for infants, and combining the totals for each person. Avoid extraneous items when creating a family budget with help 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 creating a family food budget for a family of four. A family of four, depending on the age of the children involved, really represents the universal family in America today. Creating a family budget of...for that family really is an important factor whereby you take the expenses required of the family members individually, and then combine them into a cumulative total. If you have an infant, they have special needs, that is to say diapers, that the parents do not have. But if the parents have specific needs, as in cigarettes or liquor or whatever the case may be, those are extraneous items that the infant does not have. You can look at these various extraneous items and decide not to purchase them, and therefore, the budget will be a lot cleaner going forward and you'll have more money to invest, really, in the family unit. So be aware of the personal needs of each family member and look at their overall needs in a detailed way, and then combine altogether to get your total family budget. This is Patrick Munro, financial adviser, talking about creating a family budget for a family of four.

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