My hubby is planning on establishing a family budget as from 1st January, 2014 . Weird resolution for the year 2014 I guess .

He said there will be a certain amount of money to be budgeted monthly in every area of our lives. He allocated certain amount to Health, Education, Food and external affairs ( Seriously, I am laughing right here). And he said if I want anything aside that, I should use my money .

The funny part is that he brought a pen and paper and ask me to sign as agreement . I told him tomorrow. Let me take that as a joke but what if he was serious , do you think it is a good idea?

He said he will comment on this thread and blast me

Yes oh, that's exactly the wisest thing to do, By Gods grace i should be getting married next yr, That's what am going to lay out for my wife, Cus without that, no meaning achievement can be accomplished. So abide by it so you can track ur expenses too.

If you do not know how to budget your resources as a family. . .YOU ARE TOAST!

He's a goal-getter.

It is not a good idea, it is a GREAT idea. Some people say if you fail to plan, then you are planning to fail. Money management is one of the most important things a couple should discuss. No amount of money is too much to be fully spent; and no amount is too small to have savings. While your hubby might be joking about the signature, but it is a great idea.

You need to know what you spend on and you will clearly see areas where you can save money. I will advice you to adhere to the budget as much as possible. Sure there will be a few excesses here and there but you will soon realise you are able to save more and plan better than you currently do.

Great idea
I wish I could do same

We are not strict budgeters
We only make sure to save about 18% of my monthly salary and 20% of his for retirement and pay our bills on time and our obligations
That's about it
There was a time I lived on a strict budget and I saved money,wish I could do it again

Yes, a budget is important

Yes, it is good, but I must confess, adherence is difficult for me, most times, I don't meet up.

But as for hubby, he's very good at it.

All in all, it is a very good idea, I wish I can start doing it again with all seriousness. Unfortunately, I don't make new year resolutions, if not, I would have made it my No1 resolution, but God will help me.

[color=#000099][/color] A budget is very necessary. See it as a map that will lead you to financial freedom. As the adage says he who fails to plan plans to fail. So plan your finances so you don't fail in that department. Good day and God bless.

Thanks Guys . I think I am liking the idea. Already approved though

A monthly family budget is really the best way to go. It's not easy for most of us to keep up in the long run...I try to but it's really hard not to go above budget plans...

wonderful idea, I also intend to implement the one I set up already.....