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 and 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-Columbia, University Outreach and Extension

Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri-Columbia, University Outreach & Extension

Last update: Tuesday, July 05, 2005