![]() ![]() ![]() We would recommend that they add an additional row called ‘savings’ where they can budget for saving money every month.īudget Lessons – Use these lessons to teach basic budget concepts. For teaching and learning household budgeting. The statistic most frequently passed around is that the average household income is about 67,000. All too often, headlines report these numbers nationally - lumping all these households together. They may need to cut their expenses next month, unless they receive higher income. Some of the most common household expenses may include the following: Mortgage/Rent Auto/Transportation Childcare Groceries Debt Repayment Entertainment Hobbies. What Does an Average 'Family' Look Like Before we get to the average example family budget, lets look at exactly what the average family looks like. Also, the person spent slightly more ($6) than they earned for the month. Note that in this budget, the actual income and expenses were both below the budget estimate (Monthly Budget Amount). The sample also has three columns, the first column, Monthly Budget Amount, is the budget estimate for the month. The next column, Actual Amount, is the actual income and expenses for the month. The final column, Difference, is the difference between the estimate and the actual budget (column 1 minus column 2). This budget example has two categories, income and expenses. Income includes money earned, including wages. Expenses includes items you spend your money on, including rent and food. Fetterman, Mindy, Financial diet tip 1: Carve up your expenses. About 50 percent the families surveyed spend 2,500 to 5,000 a month on debt payments. Fetterman, Mindy, For many Americans, it’s time to go on financial diet, USA Today, 15 April 2005. By creating and using a monthly budget, you can get a better idea of where you spend your money, to whom you owe money, and how much. It will help you focus on saving more, so you may reach your financial goals. Families carry 2.1 trillion in debt, up from 351.9 billion in the late 1970s. Below is a sample monthly budget. A budget may be used to help you manage your money. It is an estimate of your income and expenses over a period of time. What Is a Household Budget A household budget is a personal financial plan that covers different aspects of family savings and expenses. Stay on top of your family finances in a way thats easy with this family budget planner template A great organisational tool for parents and guardians to. ![]()
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