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Plan Monthly Budget for Your Growing Family With These 6 Tips

Financial management is one of the major adult responsibilities. It is important to stay on track, reach financial goals, and avoid pilling issues. If your family is growing, it might be the right time to start planning your monthly budget.

Why is Budgeting Important?

Some might associate “budgeting” with limitations and constraints. However, it is not the case. The main purpose of a family budget is to be in control of your money and make the most of it according to your goals.

Here are the main reasons why young adults need to start with it:

  • It allows managing your income and disbursements wisely;
  • It helps achieve financial goals like saving on something or investing;
  • It will help to create a safety blanket for the family in case of any unplanned issues (sickness, household repairs, or car issues);
  • It will prepare your family for child-related expenses.

This is especially essential for students and young professionals that might not have much experience with financial management. Often, college students do not have many funds to start from and need to manage plenty of responsibilities. Being aware of your expenses helps you figure out what is essential and what is optional.

For example, students that struggle with deadlines and college papers might prioritise professional help over going to the cinema on the weekend. If you wonder, “could someone help to write my term paper” the answer is yes. You can always apply for expert assistance from designated platforms. 

Professional writers offer writing, editing, and proofreading help with all types of college papers, whether it is an essay or dissertation. And the best essay writing services offer reasonable prices and convenient delivery dates. This way, you can get excellent guidance and advice while having more time for other duties like financial planning or searching for additional income sources.

Academic writing assistance can be a lifesaver for students that need to balance out studies, family responsibilities, and part-time employment. In the meantime, you can get into budgeting.

Step 1. Figure Out Your Budget

When calculating the income, write down all the sources, from salary to side hustles or freelancing. When working with expenses, start with essentials like food, utilities, transportation, and accommodation. Also, add insurance, debt repayments, savings, and entertainment.

After subtraction, a good result is zero. It means that all your funds are working the right way. If you have more funds left, they need to go into planning. If you have a negative result, it means you need to revise your strategy and re-plan expenses.

Step 2. Set Budget Goals

Define short-term and long-term goals. Write them down and evaluate how you can achieve them. It is important to work on the goals together as a family. And the budgeting system should also be comfortable and accessible to all members, whether it is an application or an Excel spreadsheet.

Step 3. Separate Expenses into Fixed and Variables

While some expenses are fixed, like a mortgage payment or insurance, others are variable - groceries or entertainment. If one of your goals is to save up more, consider what from variables (usually they are defined as “wants” not “needs”) you can reevaluate.

Step 4. Consider Child Costs

When your family is growing, it is essential to plan for future disbursements. Research and plan potential costs for childcare, clothes, food, medical bills, and transportation. If you are planning on continuing to work or study full-time, consider babysitting services and how much they would cost.

Step 5. Try 50/30/20 Strategy

This model was developed by Elizabeth Warren to make financial planning more balanced and logical. If you have a hard time dividing your funds into groups, try it out. The system is simple – calculate your income and separate it into 50% to go for needs and necessities, 30% for wants and pleasant things, and 20% for savings.

Of course, you might need to adjust this system to your family situation.


Financial management helps solve a lot of adult issues and feel more secure in your future. This is especially vital for a growing family. Use these tips to plan your monthly budget and achieve financial goals.