How to Build a Family Budget

What is a budget?

A budget is how we decide what we will spend our money on, even in stressful times.

How can you design a family budget?

1. Find out if your community offers help.

• Your government may be giving money, or food parcels to families during COVID-19.
• Ask if places in your communities are giving support.

2. Create a list of how much you spend now.

• Get a piece of paper and a pen.
• The amount of money your family can spend on food and supplies can change every month. Write down how much money your family can spend this month!
• Draw pictures of all the things you and your family spend money on each month.
• Write next to each picture how much each thing costs, and how many of those items you need in one month.

3. Talk about needs and wants.

• Needs: which things are important or needed for your family to survive? (Examples: food, soap to wash hands, medicine for family members).

4. Build your own budget.

• Find a bag of stones or anything with lots of bits. This is your money for the month.
• As a family, decide what pictures you will spend your money on, and put the stones on your picture.
• If you can save even a little bit of money for the future or an emergency—it is great!

Thanks for reading! Click the link below to share your opinion on these parenting tips.