Maintaining a household budget, you’re not alone. Many families operate without a spending plan, and even those who think they are budgeting may not actually be doing so. The Certified Financial Planner Board of Standards surveyed 300 adults between the ages of 35 to 65 who had investable assets of at least $100,000 in 2018. Nearly 60 percent said they don’t track spending, and two in five said they have never had a budget. Among those who reported having a budget, 43 percent describe their budget as a tracking tool rather than methodically planning where their money will go in advance, based on their income and expenses.

However, the budgeting process involves more than simply recording receipts and taking stock of spending habits. Here are eight crucial steps for making a family budget:


*Content Derived from Money.usnews.com

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