Important things to know about Budgeting for Families

Jan 18, 2023Financial Literacy

Does your household have a budget?  Does the notion of having to develop a household budget intimidate you?  It turns out that less than half of households use a budget to control their finances. A household budget can be a very useful tool to help control spending and plan for major financial decisions and overall financial futures.   

A household budget can also give you a sense of empowerment and provide a roadmap towards your financial goals.  Working through a budget can help to reduce or eliminate unnecessary spending, provide general direction on your finances, serve as a tool for financial literacy, and create healthier financial habits

Using the free *Native American Financial Services Association (NAFSA) Financial Literacy Program, you can explore online playlists with many modules that relate to overall financial competency, whether this is understanding checking accounts or paying for college, our curated playlists will provide you with important information.

Budgeting for Families:

Creating a household budget is not all that dissimilar from creating a personal budget but may require you to consider other factors such as whether you need to consider the cost of raising a child.  While this cost can greatly vary based on multiple factors, it’s good to begin thinking of things like cost of housing, healthcare, childcare, education, transportation, food, and clothing as it relates to a child.  

Our Budgeting for Families module, located in the Building Financial Capability playlist covers all of this as well as how to begin having these important discussions within your household, tracking expenses, managing household debt and more.

The NAFSA Financial Literacy Program provides a variety of modules and tools with easy-to-understand information to help people better comprehend their finances and make more informed decisions.

Explore the program today:

*The NAFSA Financial Literacy Program content contained on the NAFSA web page(s) referenced above, and on any subsequent pages created by our service providers/partners, provides general consumer information. It is not legal advice or regulatory guidance. There may be other resources that also serve your needs and you are always encouraged to, and should, consult with your own professional advisors prior to making any financial decisions.

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