To get us started and in order to set up a monthly budget, follow these five easy steps:

Step one: find out your monthly take-home pay


Step two: find out what your expenses are


Step three: find out how much you spend on each expense


Step four: see if your monthly expenses match monthly take-home pay


Step five: Balance your budget. This means in your family budget you need to ensure that you are spending matches take-home pay. It might indicate that you have to cut back on spending to balance.

It sounds too good to be true and too simplistic. However, in the end, that is all there is to this family budgeting process! Initially at least. Let us look at these steps one at a time.