Importance of Monthly Household Budget

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Money seems to be making our lives more complicated.  There is a stress and concern on how to make ends meet as well as pay for the things you need if you don’t have sufficient funds or resources.  On the other hand, if you are rich, you may have these people trying to borrow from you especially friends and relatives. It is important to learn to manage your finances well so as not to run out of resources. Everyone should have a monthly household budget. Money management, for many people, is a very challenging thing to learn and not an easy task. This is actually why mothers are said to have the most difficult job because they do a monthly household budget for the entore family.

I study cases of people that have been homeless at a certain time in their lives. I’m doing case management and I was with permanent supportive housing which sponsors safe low-income housing. They give these people housing to stay while getting them together. One of the necessary things they have to learn is to have a monthly household budget. These people in the program tell me that it is impossible to make a monthly household budget since they don’t have money to budget. So, for these cases, I teach them how to learn the basic budgeting like making their food stamps last for a month so they will have food for the rest of the month. So we do this by checking the ads in the paper for discounts at grocery stores. We check their available supplies and determine what they already have, as well as what they could purchase to add to make nutritious meals for their kids. Many have made impulsive and poor choices, so teaching them to make a list before they go into a grocery store is challenging. I go along some families and help them follow their lists. Teaching the parents that bulk hamburger and bagged cereals is a better value. Also, teaching them that they should take advantage of discounted products, to save money.  It is helpful to have them concentrate on a small area of budgeting to help them get back on track when they start earning money.

For those who didn’t have a monthly income, it is difficult to have them follow their monthly household budget. It’s challenging to have them keep them from spending on things that are not really very important. It is very frustrating to witness people spend money for things that are not necessary and then ask for money for gas or food when they run out. It is also important to save even a little amount for the rainy days. This is one concept that is very hard to teach in a monthly household budget. I found that it is better to pay all the bills for the month, buy food good for a month, and then get a gas card that will last a month, in the first day of every month. This way, you are sure that the entire family learns to prioritize the basic necessities first before they purchase other items. 


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