By Michael Olafusi
Creating
a family budget is not as hard as you think; and as it applies to most
things in life, practice does make perfect. But I will give you that
ultimate head start, and hopefully, you won’t have to practice hard and
long to become perfect.
First, let’s get the foundation right.
We’ll weed out all possible assumptions and build the knowledge block
that will hold everything else.
A family budget
is a quantified financial plan to manage the income and expenses of a
family over a defined period. Let’s consider the elements of this
definition individually.
Quantified financial plan
