Create a new household budget that you can stick to

(Where possible, involve your partner. Otherwise, share this with a close friend or relative)

So you mean I can treat myself now?!

As I mentioned before, I took time to snapshot where we are at with our family
finances in terms of what is needed to stand still today. But what does the
budget look like to support it?

And perhaps more importantly, can you – and others in the household – stick
to it?

A collective budget with those in the household or one you can share with
someone close to you Is important. I ran my first budget based on the
household requirements but didn’t share it with anyone, and when things got
tighter a couple of weeks before payday was due, I was frustrated with my
wife because she had overspent on something I hadn’t budgeted for – but
how was she supposed to know?!

I found creating a budget quite energising and motivating to do. Rather than
hide from budgets or do a kind of budget, we sat down together and looked
at what we have vs what was needed and looked at way to plug any gaps,
raise our ambition and look at our relationship to money and what is either
enables us to do or stopped us doing in the first place.

I review our budgets every quarter as I’m aware that seasonal pressures mean
that in some periods we need to adapt budgets. I know when car leases are
due, insurances are renewed and feel much more in control, without the
budget becoming controlling.

It’s a very liberating exercise to do –
I even got to treat myself – how about that!