How to make a budget for your household
Tips to help you create your family budget
Your family budget will likely look different than an individual budget. Get started on yours with these 4 steps:
- Add up all sources of net income. This is the total amount of money that you and each family member take home after paying taxes.
- Add up all your expenses. Start out by dividing your family expenses into "must-haves," such as groceries and bills, and "nice-to-haves," such as cable TV.
- If your total expenses exceed total income, consider looking at your "nice-to-haves" list to see if there are any opportunities to cut back.
- Track your monthly spending to see if the family budget you created works well, and make changes as needed.
Did you know? TD MySpend can help you track purchases and transactions made from your personal TD accounts so you can see how your personal spending syncs up with your family budget.