Money is not always the most fun subject to discuss but when it is discussed properly it brings a great peace and harmony to the home for everyone. Many families have completely disconnected because of financial issues.
Our family has had some financial issues and working through them gave us greater insight on how to diminish debt and increase our savings and investments. We were able to do this even in times when only one person was bringing in income.
I have followed a few people over the years and they have all been extremely helpful. Shaundretta Boykins, Dave Ramsey, Perry Jeffries, and Jim Baker, have been my main go to people. Shaundretta is a local credit genius, Dave is very well known in the financial world as an expert, Perry teaches near and far about how to increase revenue and profits, and Jim is a pastor who has written books and taught many classes on finances.
How should a big family budget or little family budget on a middle to low income? Remember that you are responsible for the four main things continuously: food, clothing, housing, and transportation. If you start with the lowest amount that you make and plug in the numbers from there, you will see what you have to work with at your lowest. I believe that saving and investing is extremely important, but not all people believe that.
Once you look at what you have to work with from your lowest income standpoint, you will always have room to grow. You also see where you are with your spending habits. This can be a happy or sad moment depending how you spend. After you take care of the four necessities, what is left over? How are you divvying your remaining income to cover the rest of your expenses? Do you have enough? Are you overspending?
I have attached a simple budget sheet that I created. This is similar to what we used when only my husband was working and we were operating on a low income. With this low income, we eradicated all of our debt within three to four months. With three children and no debt, we were pretty excited. We continue to work the same principles along with adding some new things that we've learned from the four people listed and a few more.
What works for me may not work the best for you. Keep tweaking your budget so that it not only works for you but it also makes money for you. Find ways to maximize your income. Share how you it works for you.