We know budgeting can be a drag, but a smart family budget is essential to help you realize your personal and financial goals. The key is to get it right up front. Here are five common missteps to avoid when creating your household budget.
Forgetting about savings
Any good financial adviser will stress the importance of saving for the future -- for emergency purposes, retirement and, in some cases, future college tuition for the kids. Make sure your family budget accounts for this by setting aside a portion of your income each month to build up your savings account. Jennifer Openshaw of Family Financial Network says to "Pay yourself first... straight off the top... at least ten percent of your income." She recommends that people put that money straight into a savings account, then look at what is left over each month to create a budget.
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