As the woman of the house, the task of managing the household budget falls on your shoulders. It is not an easy task especially when the children are asking for something that you know the budget cannot afford. Juggling the bills payments, food, lodging and other expenses can be quite a challenge. If you add to that debt payments, it can be too much to handle already.

Regardless if it was you or your husband who got into so much debt, the burden of getting out of it falls on both your shoulders. Whether your spouse is the sole provider for the home, you can help with the debt payments by creating a debt friendly household budget. Here are some tips on how to do that.

First of all, you need to plot where your money is going at the moment. As you make this list, make sure you separate the “necessity” and the “luxury” expenses.

Once you know where your money is going, take time to compute how much you need to raise for your monthly debt payments. This is necessary to find out just how much extra money you should have on your budget. If you find that your budget is not enough to cover for the debts, you need to look into your expenses to see where you can cut back.

Start with your “luxury” list. Get rid of any expense that you do not need. These can be a gym membership or a cable subscription that the family is not using. There are several things on your luxury list that you can live without so cut back on them and put that on your debt payments instead.

If cutting back on the luxury expenses is still not enough, look at your necessity list. This is where things will get really tough. You need to make decisions on how you will change your lifestyle in order to accommodate your debt payments. It can involve cutting coupons to save a few bucks on the groceries. There are coupons for almost everything and you can be surprised at the amount that you can save up. Believe it or not, there are families who are able to live off clipped coupons.

It is understandable that your necessity list should not be removed but you can always choose the cheaper alternatives. For instance, buy cheaper jeans instead of opting for the designer labels. Always opt to buy for the cheaper brands. If the results are the same, you are not really compromising the needs of your family.

It is also important that you grow your savings for the rainy day. Treat it like a monthly bill that you have to pay for. That will help get you out of any emergency in the future without the need to borrow money.

When you make your household budget, be sure to keep it realistic. Do not cut back on things that you need. If your debt payment fund is still not enough, you may have to speak with your husband about growing your income. You should also talk about selecting a debt relief program that you can enroll into to help pay off your debts.

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