Finance Quick Answers
How can I keep track of family finances?
Keeping track of family finances is easier than you
think. Keep all records, receipts, and bills in one
central location. Review receipts and records from your
check book - based on what was spent last month,
estimate what you’ll spend this month. Divide your
spending into categories such as housing, food,
transportation, clothing, personal, recreation, medical,
education, and savings.
Write down your family’s goals. Goal planning needs
to include a deadline and the amount you need to save
each pay period to reach your goals. If necessary,
adjust goals to fit your budget.
After identifying goals and tracking spending for
money to meet your goals you may have to adjust your
spending. Expenses such as food, clothing, recreation
and other flexible expenses are easier to reduce.
Use envelopes and folders to file your records. File
deductible expenses together for easier calculating at
tax time.
Source: Dollar, P. (1998, ?). Talking dollars makes $ense. (UO&E).
Written by:
Sandra McKinnon, Consumer & Family Economics Specialist,
University of Missouri Extension
Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension
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Last update: Friday, July 25, 2008
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