Chapter 3: Family finances
Every parent knows that as your family expands and as children grow, so do the family expenses. There are certain times during the year when I feel we’re haemorrhaging cash. The beginning of school terms in particular can be difficult, with payments for after-school activities due, new clothes needed for the change of season and many utility bills also due around this time.
The family budget
Setting up a family budget was the best thing we did to stay on top of our finances. We’ve been running a family budget since we dropped to one income about eight years ago.
Budgeting is an ongoing activity for us that requires regular review to accommodate expansion and growth. It isn’t a task we complete once and forget. As ...