How to start a family budget? And how to stick to it?

There are lot of online tools to help you to start drafting a family budget. Latest Microsoft Excel also comes with Family Budget Template. Here are some of the websites that helps you to draft your one family budget http://www.moneysense.gov.sg/Financial-Planning/Financial-Calculators/Budget-Calculator.aspx http://www.budgetworksheets.org/ Don't keep all your money in the one pot or bank account. Use a checking account for your spending, a savings account for your short-term savings, an investment account for your mid-term savings, and a retirement account long-term savings. Following this rule will help you to have the right money in the right place when you need it, both in the present and the future. Sticking to budget that you have already set is more difficult.Track every penny you spend.Sit down with your monthly budget at least once a month Saving money with your family doesn’t have to require drastic steps. Instead, small, simple methods can make a big difference for your bottom line. It might take some getting used to, but getting your family on board with your money-saving efforts makes it easier to gain a little wiggle room in your budget or to add more padding to your savings account.

By family budget, do you mean overall household or just groceries? If it is the former, I usually start with a ballpark estimation of how much the household spends in a month. For example, $2000. Then I will make sure that I pay off all the bills and necessities first. With whatever that is left behind, I would divide them according to the other categories like "shopping", "outing" etc. I will put this all in an excel spreadsheet and after establishing a proper estimation, I will ensure that I stick to this figure every month. I make a separate budget for emergencies as I do not want to be caught off-guard during difficult times.

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