How To Budget for Christmas: Without Going Into Debt!

How To Budget for Christmas: Without Going Into Debt!

You know what they say: Christmas is a time for giving!

But unfortunately, Christmas is also a time for overspending, extravagance, and going into debt.

It has become so ingrained in us that we need to buy everyone everything that their heart desires, that most people don’t even bat an eyelash at spending way more than their finances allow them to and racking up some credit card debt over the holidays.

But I disagree with this practice!

As someone who has been in debt and is now out of it, I can tell you that nothing is better than living within your means.

So in this post, I’m going to show you how we create a realistic Christmas Budget for our family, without going into debt… or missing out on any of the holiday fun!

And if you prefer to watch instead of read, check out this video:

How to Create a Christmas Budget

1) Determine How Much You Can Spend

This is where most people make a mistake when it comes to budgeting for Christmas: they start buying first, and they don’t look at their budget until after they have already spent too much.

Start by looking at your budget first and figuring out exactly how much money you can afford to spend.

I recommend never going into debt for Christmas and only putting things on your credit card if you can (realistically) pay it off in the same month that you purchased it in.

If you are already in credit card debt, don’t go any deeper into debt.

If you can only afford to give one small gift per person to your immediate family members, then that’s all you should do. Trust me, Christmas isn’t worth going into debt for.

A lot of parents have a hard time with this because they are worried about their children feeling left out. But honestly, it’s just part of life!

If our kids wonder about their friends receiving more gifts for Christmas than they get, we talk with them about money.

We discuss how everything in life costs money, every family makes a different amount of money, and how every family chooses to prioritize their money differently.

Check out this post if you want more tips for how not to worry about keeping up with the Joneses.

Decide on an amount that you will spend on Christmas that will work with your budget, and determine to stick with it no matter how awesome that cool new toy is!

2) Start Saving Early

The earlier that you start thinking about your Christmas Budget, the better prepared you will be to purchase the gifts on your list without going into debt.

Have a Christmas Bank Account

One way to plan for Christmas all year round (and to let yourself spend a little more if you want to) is to create a Christmas Bank Account.

To start a Christmas bank account, all you need to do is take the amount of money that you would like to spend on Christmas and divide it by 12. Then, when you get paid each month, take 1/12 of the money and put it into the bank account.

When Christmas rolls around, you will have all of your Christmas money saved and ready to use.

(Check out all 7 Bank Accounts that every family should have here.)

A Beginner's Guide to Creating a Christmas Budget

3) Start With Your Immediate Family

Once you know how much you want to spend on Christmas total, decide how much you want to spend on your kids and on each other.

We didn’t used to start with our immediate family when we determined our Christmas budget…

…and then there were a couple of Christmases where Ross and I didn’t get each other a single thing because we had spent our Christmas budget before we got around to spending anything on each other.

Now we always start with how much we want to spend on our immediate family before we even think about spending anything extra on anyone else!

4) Make Your Lists

Now take the total amount that you are going to spend on your immediate family, and decide how much you want to spend on each person.

You don’t have to worry about spending the exact same amount of money on each child…

I actually don’t think that I have ever spent the same amount on each child. And that is because when we are deciding what goes on their lists, we figure out what they need first.

I’ve found that it changes from year to year who ends up getting more because their needs change from year to year.

Last year we spend more money our younger daughter because she was 18 months old and had primarily been playing with her sister’s old toys. She needed her own special doll to play with and some other toys that weren’t just hand-me-downs.

This year our oldest daughter will be getting more gifts because she has more needs.

We have never seen the point in spending more money on one child just to even the playing field because, honestly, kids don’t care how much you spend on them or their siblings.

As long as you are giving gifts to your children that they truly want or need, they will be happy.

(If you want to see exactly how we make our lists for our kids, check out How to Have a Minimalist Christmas With Kids.)

I often like to follow the “want, need, wear, read” rule, but I don’t use it every single year. Some years they don’t get any new clothing, and sometimes they have multiple needs. But if you are trying to have a simplified Christmas list, it’s a great place to start.

5) Talk To The Grandparents

Getting the grandparents involved is a great way to save money and still get your children presents that they would love.

Like I mentioned in this post, almost as soon as I know what I want the girls to receive for Christmas, I call my mom and see if there is anything on the list that she wants to get them.

This helps us save money, it reduces the clutter in the house because I’m just re-distributing the gifts that I already wanted them to receive, and it lets my mom know that I will like everything she gets them even with my Minimalist preferences 🙂

How to Budget for Christmas

6) Then Decide on Extended Family Gifts

Only after you’ve figured out what you can afford for your immediate family should you figure out if you want to exchange gifts with your extended family.

This concept might seem strange if you’ve always given gifts to your extended family, but you actually don’t have to continue doing this… especially if you are on a tight budget.

Don’t Be Afraid to Change What You’ve Done in the Past

When we had two incomes before had children, we did extended family gifts for both sides of the family every year.

But once we became a single-income family, we decided to change how we did things.

We now only exchange gifts with the side of the family that we are spending the holiday with.

Draw Names

Another way that you can save money on extended family gifts is to draw names instead of just buying something for everyone.

We did this with both sides of our family even before we were on one income.

It’s a nice way to spend more money on a nicer gift for someone else, and it allows you to receive one nicer gift instead of a bunch of things that you don’t really want or need.

Budget Boosters

If you are reading this and thinking that you haven’t saved enough money for Christmas this year, here are some things you can do:

1) Sell Some Things

Who doesn’t like earning some extra money… and selling some items will also help you get rid of a few things before you get a bunch of new stuff in your house that you need to declutter.

(Just kidding… I love Christmas, just not clutter that can sometimes come with it :D)

2) Decrease the Number of Gifts

If you don’t have enough money to buy your kids all the gifts on their list, scale things back, and just give one or two gifts per child.

You will be able to get them something a little nicer this way as opposed to if you buy them a lot of cheaper gifts.

How to Create a Family Christmas Budget

3) Buy for Less People

It can be hard to decide not to exchange gifts with extended family or friends, but I promise that you will be far less stressed about sticking with your budget if you have fewer people to buy for.

And remember that just because you decide to buy for less people this year, doesn’t mean that you can never do gifts with your extended family again.

Once you get your budget under control and pay off any debt that you have, you can always go back to buying for everyone again.

And remember that you can always draw names if you still want to participate in the extended family giving without having so much financial burden!

Ready to Stop Feeling Stressed About Finances?

Then check out Master Your Money!

In Master Your Money, you will learn how to 

  • Calculate Your Net Income
  • Track Your Spending
  • Calculate Your Monthly Expenses
  • Determine Your Fixed & Flexible Expenses
  • Set Up a Budget
  • Pay Off Debt
  • Create Savings Accounts
  • Donate to Charity

Master Your Money walks you through exactly how to take charge of your finances so that you can afford to live the life of your dreams!

Plus you will receive the Money Mastery Workbook and Spreadsheet and email support from me anytime you have questions.

I hope to see you inside the course!

(Or if you are more of a do-it-yourself kind of gal, you can check out my DIY Master Your Money Resources!)

Want 7 Extra Hours Every Week? Grab the Streamline Your Home Quick-Start Guide!

You may also enjoy…

If you are looking for other ways to make your holidays easier, you might enjoy

How to Have a Minimalist Christmas With Kids

How to Meal Plan for the Holidays Like a Minimalist

The Best Intentional Gift Ideas for Kids

Should You Declutter Before or After the Holidays?

See you on the next one! Kassy
How to Create a Family Christmas Budget
The 7 Bank Accounts You Need to Organize Your Budget

The 7 Bank Accounts You Need to Organize Your Budget

7 Bank Accounts Every Family Should Have! What they are and how to use them!

Starting a Budget can be daunting.

It’s overwhelming to think about where every dollar needs to go and how to pay off debt and save money!

Plus, you are supposed to keep track of all the money in one or two bank accounts, yet somehow remember how much you have left to spend, and what is supposed to stay in savings? Yikes!

Luckily, there is a much easier way to keep track of your money. And that is to have multiple bank accounts.

Why on earth would you need to have multiple bank accounts unless you own a business???

Well, let’s look at an example:

Let’s say that you are getting ready to clean your living room.

Your kids have toys laying around, your husband has some work things sitting next to the door, the remnants of a craft project are over here, and some laundry that is needing to be folded is over there.

Would you just open up a closet, shove everything in it, and quickly close the door behind you?

What would happen if you did that not just once, but every time you cleaned?

I would lead to a huge mess in the closet!

What would you do when your child asks you where their toy is?

You’d have to dig through everything else in the closet to find it.

What about when you need to find something that you put in the closet a week ago? A month ago? A year ago??

It gets very difficult to know where things are, when they were put into the closet, and what they are supposed to be used for.

The same is true for money in a bank account.

Month after month we throw money into one (or two!) accounts, cross our fingers, and say a prayer that all of the money goes into the right place.

But if we divide up the money into multiple bank accounts, it becomes very easy to track how much money we have for each item in our budget, and how much money we have saved for the future.

Having multiple bank accounts is the easiest way to organize your money when you are starting a budget.

So in this post we will look at why you should do this, how to keep track of the accounts, and which bank accounts you should have.

And if you prefer to watch your content instead of read, check out this video:

Why Have Multiple Bank Accounts?

Let’s say that you want to put $100 away each month for a new car, $100 each month for a vacation, and $100 each month to save for your kid’s college.

If you are using one savings account, then all $300 dollars would go into the account every month.

In a year, you will have $3,600 in that account.

Now you thought your old car would last you a little longer, but you get rear-ended and now need to look for a car before you were planning on it (don’t ask me how I know…). You check your bank account and decided that you have enough to put $2,500 down on a new vehicle. You purchase a vehicle and take $2,500 out of the account.

But how much money did you really have saved for the vehicle? Only $1,200! So how much money do you have left for your vacation? How much money do you have saved for college?

Nobody knows! You accidentally borrowed from one or both of the other accounts!

And let’s be honest, you probably borrowed for the college savings because when it comes time for your vacation, you will still go with your family.

When you have multiple bank accounts you are able to track exactly how much money you have saved for each item.

Now, let’s see what happens if we have multiple bank accounts.

Using the example above, you would put $100 into your car savings account every month, $100 into your vacation savings account every month, and $100 into your kid’s college savings account every month.

At the end of the year, you have $1,200 in each account, and when you need that new car, you know exactly how much money you can afford to spend on the car.

You can still borrow from you vacation account if you want to, but you won’t be unintentionally draining your kid’s college fund.

How Do You Keep Track of So Many Accounts?

If all of your bank accounts are at the same bank, you can easily see how much money is in each account online.

If they are through different banks (or if they are through the same bank but you want to be able to track how much you are spending on each category within each account) you can use to track everything. is a completely free budget tracking tool so you can see everything all in one place.

Ross loves using to keep a close eye on our budget!

Will It Hurt Your Credit to Have Multiple Bank Accounts?

Nope! It hurts your credit when you don’t pay your bills or debt payments on time.

If you use this method correctly, it will actually help your credit because you will have a more organized approach to paying your bills.

How to Use These 7 Bank Accounts to Transform Your Personal Finances!

7 Bank Accounts Every Family Should Have

Checking Accounts

A Checking Account is an account that you have a bank card attached to. This is separate from a Savings Account because you don’t want to be able to access your money in savings at the swipe of a card.

Here are some important checking accounts to have:

1) Staging Area Account

This is the account that all your money comes into… temporarily.

Your paychecks, tax returns, refunds, and any other money that you receive will go into this account. (Unless it’s money specifically for your birthday or Christmas, then it could go into a fun money account/or a personal account.)

But the money won’t stay in this account long because this is your staging area. This is where your money comes to wait for its assignment.

Link your auto-drafts for all of your recurring monthly bills to this account: your mortgage, your rent, your utilities, your insurance… anything that is an expense that you know will happen every month.

It’s also smart to auto-draft your savings first thing when you get your paycheck because you want to be sure that you pay yourselves first and the money doesn’t mysteriously “get lost” throughout the month.

2) Husband’s/Wife’s Checking Accounts

Almost everyone likes having money that they are personally responsible for and can use as they see fit. That’s where the Husband’s/Wife’s Checking Accounts come into play.

There are two ways that you can use these accounts:

  1. You can divide up the monthly responsibilities and put the money each person is responsible for into each account. For instance, if the wife is responsible for groceries, you would put the monthly grocery budget into her account and she would pay for the groceries with the corresponding debit card.
  2. The second way to use these accounts is give each person discretionary money . This is money that you can use how you see fit without needing to chat with your spouse about it first. This allows you to go out with the guys, get a pedicure, or save for an expensive coat that you have been wanting without any guilt!

We use these accounts the second way, but do whatever works best for you!

Want 7 Extra Hours Every Week? Grab the Streamline Your Home Quick-Start Guide!

Emergency Accounts

Emergency Savings Accounts are for exactly what they sound like… emergencies!

You don’t want to have a debit card attached to these accounts, but you want to be able to access the money fairly easily.

Having your Savings Accounts at the same bank that you have your Checking Accounts works well for this. You can easily move the money from your Savings Accounts into your Checking Accounts if you need to, but it isn’t in your wallet at all times.

This keeps you from deciding that you really need that new grill right now and “you’ll just pay back your savings later.”

Pro Tip: Don’t borrow from these accounts! Only use them for true emergencies. Trust me, money doesn’t get paid back as easily as it gets drained!

3) Emergency Savings Account

Emergencies are things like a job loss or a house loss. A medical emergency could also fall into this category, but I recommend having a separate Health Savings Account for this (see #2 below.)

If you don’t yet have an Emergency Savings Account, open a savings account, and put every bit of cash that you can spare into the Emergency Savings Account until you have at least $1,000.

If you want to stop once you reach $1,000 and that feels like good padding between you and any emergency, then you can move onto the next account.

But I recommend not moving past this step or creating more accounts until you have at least 3 months of your expenses saved into this account.

If you are using the 70/20/10 Rule for Budgeting, this is where you want 20% of your net income to go until you have your base in this account.

Decide how many months of living expenses you would like to have stashed away for a rainy day, and don’t move on to creating the next account until you have it saved!

7 Must-Have Bank Accounts When Starting a Budget

4) Medical Savings Account

I recommend having a separate savings account for your family’s healthcare expenses.

There are two ways to do this:

Medical Savings Account Option 1

Insurance companies often have a Health Savings Account (HSA) option if you get your insurance through your employer.

These accounts typically have tax benefits (such as being able to put the money into the account tax-free) and can generally be used for any medical needs from a co-pay at a doctor’s appointment, to a dental check-up, to major surgery, to having a baby.

The only downside to this type of Healthy Insurance is that you have a very high deductible.

But if you are healthy, and single or married without kids, this a fantastic option.

Before Ross and I got married, he had an account and contributed to it every month.

(Often if you have one of these accounts through work, your employer will also match your contribution!)

Once we were married and on the same insurance, I also got an HSA plan through our employer and I contributed the maximum amount that I could every paycheck until we reached our yearly contribution limit.

One of the best things about having an HSA is that if you switch employers, you take the account and the money with you so you don’t lose anything.

With the money we had put into our accounts, we were able to pay for my prenatal care and birth expenses for both of our girls without having to pay our deductible out of pocket. The money was already saved!

I highly recommend having this type of insurance if you are planning to have children down the road and are a healthy person.

Medical Savings Account Option 2

Now that we have children, we wouldn’t want to have a high-deductible insurance plan. Kids get sick a lot more often than adults do and tend to be accident-prone.

After our younger daughter was born, we used the last of our HSA money that we had from our previous employer, so we decided to make our own account.

We opened a regular savings account at our bank and we treat it like an HSA (unfortunately it isn’t tax-free money, but it still does the trick).

We put money into this account every month until we reach our yearly deductible. Then, if we have a medical emergency, we already have the money saved and we don’t have to dip into our Emergency Savings Account.

If you are using the 70/20/10 Rule for Budgeting, once you have the living expenses buffer in your Emergency Savings Account, you can put 20% of your income into this account.

Sinking Funds

A sinking fund is an account that you put money into when you are saving for something specific, often to replace a depreciating asset like a vehicle.

You aren’t expecting to grow your wealth with these accounts, you are setting the money aside for a specific use.

5) Large Item Sinking Funds

Car Savings Account

This is for… wait for it…. anything to do with your car!

We get a discount on our car insurance by paying for it bi-annually. It’s great to get a discount, but that means that twice a year we have a large payment. So we divided out the total annual amount into 12 monthly payments and put the payment each month into our Car Savings Account.

Pro Tip: Check with your insurance company to see if you can get any discounts for paying in lump sums!

When the payment is due, we have the money sitting in this account ready to go. This way it doesn’t mess up our monthly budget twice a year.

We also put money into our car savings account for car emergencies. You never know when cars will need repairs or to be replaced. It is always better to have the money ready to use for your car than to have to dip into your Emergency Savings Account.

You can also put some extra money into this account if you want to upgrade your vehicle in the future. Then when it is time for the purchase, you will have the downpayment (or hopefully the full payment!) ready to go.

House Savings Account

If you plan on purchasing a house, it is never too early to start a House Savings Account.

It’s ideal to be able to put 20% down on a house when you decide to purchase, and this is a great place to build up and store the money!

Having a separate account for the house ensures that you won’t accidentally use this money for something else, and it allows you to see how close you are to your goal at a glance.

7 Bank Accounts That Will Simplify Your Finances

6) Fun Sinking Fund Accounts

These accounts make sure that you can have fun with your money without digging into the important savings accounts!

Trip Savings Account

We love taking trips! But vacations can be expensive if you aren’t budgeting for them in advance.

Even though you aren’t generally at home when you take a vacation, you will still need to pay your mortgage/rent, utilities, insurance, and all of your other monthly bills. Plus food on vacation generally costs more than your monthly food budget.

The best way to save for a trip is with a sinking fund. Put some money every month into a separate account specifically for a trip or vacation.

Then when you go on a trip, you have the money set aside and ready to go!

If your family isn’t into vacations, you could have a “fun things to buy” account and use it for a trampoline, a swing set, or a pool for the backyard.

Gifts Accounts

Christmas and Birthdays are so much fun, but they can also be expensive!

If you enjoy giving gifts and doing activities around each holiday, then start preparing for the festivities all year round.

To set up a Gifts Sinking Fund, figure out how much money you want to spend on Christmas and/or Birthday Gifts through the year, and divide the total amount by 12. Then each month put the monthly amount into the fund.

Savings Accounts For The Future

Sometimes it can be a challenge to save money for something that is so far in the future like retirement or your kids going to college.

But saving for the future is so important. Not only because you want to have some money set aside for when you get there, but also because the sooner you start saving, the more money you will have when you arrive!

Due to the time value of money, the sooner you start saving for the future, the better.

7) Retirement Savings

Everyone should have a retirement savings account.

Set aside some money every month for your retirement in a ROTH IRA, a 401K, or other account that is made for retirement savings (they have tax benefits!).

If you are a young single person, or a young couple without kids, I highly recommend contributing the maximum yearly amount toward your retirement.

The more money you put into these accounts in the beginning, the more money you will have down the road!

College Savings Accounts (Optional)

If you don’t want help your children pay for college, that’s completely ok!

There are pros and cons to paying entirely for your children’s college education and you have to choose what is best for your family.

BUT, if you want to help your children with paying for college even a little bit, you should start saving for it now… actually do it yesterday!

If you don’t want to save for their college, you can show them how they can save their own money for college by using my Simple Budgeting Method for Kids.

You can set up college savings accounts for your children either at a local bank in a regular savings account, or you can set up education-specific funds.

The only downside to an education-specific fund is that it has to be used for continuing education after high school.

So, if your children decide that they do not want to go to college or a trade school, you can use the money for some other form of education, but nothing else.

We decided to get education-specific funds for our girls because we want to encourage them to continue their education. And if they decide that they don’t want to, we have nieces and nephews that we can help out.

Even putting $25 a month into an account for college will help soften the financial blow to your children if they decide to go.

Pro Tip: If you have more than one child, open an account for each child. You don’t want to drain all of the college savings money on child number one and have nothing left for child number 3. Having an account for each child ensures that each kid gets the same amount of help from mom and dad and no one is crying “unfair!”

Organize Your Budget With These 7 Bank Accounts

Wedding Funds (Optional)

Just like college, weddings may seem far off, but they can be really expensive… and sneak up on you if you aren’t expecting it!

We also opened a wedding account for each of our girls not long after they were born.

We don’t contribute a lot to these accounts because we don’t plan on having more than three to five thousand dollars saved up by the time they get married. We had a very small budget for our wedding and it was still great! But we would like to be able to help them out should they choose to get married.

If they want more money than we have saved, they can decide if they want to make up the difference.

Even if you have boys, it can be nice to help out with the wedding or give the money in the account to the couple as a wedding gift.

We figure that even if they don’t get married, we can let them use the money towards a down payment on a house or some other investment.

Bank Account for Each Child (Optional)

When your kids are little, I prefer to teach them budgeting with this simple cash method for kids, but as they get older, and their savings jar gets full, open a bank account for each child’s personal savings.

You may want to have an account for their spending money as well. But if you open the account when a child is too young, they will have a hard time understanding that their money is still in the bank.

I plan on opening bank accounts for our girls when they are about 7 or 8 years old.

Spare Change Account (Optional)

If you want some incentives for being more frugal with your money and coming in under budget each month, a Spare Change Account is a great option.

A Spare Change Account doesn’t have any money budgeted toward it. You only deposit money into this account when you are under budget in another category and have money left over.

So if you have $100 per week budgeted for groceries, and you only spend $80 at the store, you would put $20 into your Spare Change Account.

The only catch with this account is that you have to use it for something fun! If you are planning to use the money for something boring, you will never try to be under budget.

Be sure to think about the awesome way your going to spend this money after a couple of months before you get started!

Get Creative!

These seven bank accounts are just a starting point. Open as many as makes sense for your family and financial situation!

Ready to Stop Feeling Stressed About Finances?

Then check out Master Your Money!

In Master Your Money, you will learn how to 

  • Calculate Your Net Income
  • Track Your Spending
  • Calculate Your Monthly Expenses
  • Determine Your Fixed & Flexible Expenses
  • Set Up a Budget
  • Pay Off Debt
  • Create Savings Accounts
  • Donate to Charity

Master Your Money walks you through exactly how to take charge of your finances so that you can afford to live the life of your dreams!

Plus you will receive the Money Mastery Workbook and Spreadsheet and email support from me anytime you have questions.

I hope to see you inside the course!

(Or if you are more of a do-it-yourself kind of gal, you can check out my DIY Master Your Money Resources!)

You May Also Like

How to Start Budgeting: A Beginner’s Guide to Creating a Budget, Cutting Costs, and Saving Money.

How to Use Percentages to Build Your Budget.

10 Frugal Living Tricks for Saving Money and 37 Ways to Save Money on Groceries.

The {Simplest} Budgeting Method for Kids.

See you on the next one! Kassy
How to Organize Your Budget with 7 Bank Accounts
Meet Your Budgeting Goals With These 7 Bank Accounts!
How Many Bank Accounts Should I Have? 7 Bank Accounts You Need, Plus How to Use Them.
7 Bank Accounts That Will Help You Save More and Spend Less
The {Simplest} Budgeting Method for {Kids}: 7 Easy Tricks for Teaching Beginners

The {Simplest} Budgeting Method for {Kids}: 7 Easy Tricks for Teaching Beginners

We all want our children to be able to manage their money well and make good decisions with it. 

But when we should teach them about money isn’t exactly clear. 

If most adults struggle to manage their money, is it too complicated for a child to understand?

How to Teach Little Kids About Money. The Easiest Budgeting Method for Beginners.

Even if we knew when to start, how would we begin? 

Money has gone from something concrete that we hold in our hands to an abstract concept. 

Most children never see their parents use cash so it is easy for them to think that there is an endless amount of money on that plastic rectangle that their parents use to buy everything with.

This last Christmas, when our oldest was exactly four-and-a-half, we knew it was time to be more intentional about the conversations we had with her about money. 

We were sitting at the dinner table one evening and she began explaining to us that when you run out of money, you just get more… Whoops! 

That’s not how any of this works!

Ross and I started trying to explain how money works and the responsibility that money requires.

After the kids were in bed, we continued to talk about how she was at the age where we needed to start teaching her good money habits.

About a week later, one of her grandparents texted and said that they wanted to give the girls money for Christmas. They wanted to know if we just wanted it as an Amazon gift card, or if we wanted cash.

My first instinct was the gift card to Amazon, because it would be easy to use and I wouldn’t have to take the girls shopping…

But I quickly remembered that this would be a great opportunity to begin her monetary education! I changed my answer and received the money via a cash app.

In this post I’m going to show you how to teach your kids about budgeting in a way that they will understand, and how to teach them the value of money.

Want 7 Extra Hours Every Week? Grab the Streamline Your Home Quick-Start Guide

How to Teach Your Kids About Budgeting

1) Let Them Choose 3 Jars

The first thing you need to do when teaching your children about money is to get three containers.

Since children are extremely literal and visual in how they understand and learn, I like to use mason jars. That way they can see the money even when the lid is closed. 

It helps make the process more concrete since they can see that their money is still in the container even when they aren’t touching it. This will come in handy once the money is transferred to a bank later!

You don’t have to use mason jars though. I used three small boxes for my younger daughter’s money because she is still a little young to care and the exercise with her money was more for my older daughter’s benefit than hers.

Since most of my mason jars are in use, I took the girls to Goodwill and let my oldest pick out three fun jars for her money. (The younger one will get to do this too when she is a little older.)

We couldn’t pass up this awesome “Girls Just Wanna Have Funds” jar that we found there!

Jar with money in it that says "Girls just wanna have funds"

2) Determine How to Divide the Money

When I was determining how I wanted to teach my girls to divide their money, I decided that I wanted to use the same basic structure for their budgeting system that Ross and I use for our budget.

(Check out How to Start Budgeting if you’d like a step-by-step guide for creating your budget.)

I suggest dividing the money among three categories for young kids and older kids who are new to budgeting.

The categories we use for our girls are:




Now choose a percentage of the total that will go into each category.

While kids could afford to save a higher percentage of their money than adults can, they will have a hard time staying motivated to save if it takes too long to build up their spending money.

Teaching your kids to save 50% of their income is great, but it isn’t sustainable once they have to pay for rent, groceries, and their vehicle when they are living on their own.

Teaching them to save 20-30% of their income is much more sustainable throughout life… and it will be more motivating for them to keep saving instead of wanting to dive into their savings account all the time.

The habits we start in our childhood are incredibly powerful in shaping our lives, so start your kids with successful and realistic money habits now.

So what percentages should you use?

I highly recommend keeping the spending money to 70% or less of the total.

Why do we use 70 percent? 

You can read all about my 70/20/10 rule that we use for our budget in this post if you want more details. But for now, just know that it is a good goal to live off 70% of your net income for your entire life. Teaching kids to only use 70% of their income sets them up for financial success later.

Whatever you decide, just make the percentages realistic. If you only teach them to spend 10% of their income, they will get tired of trying to budget!

There are two basic ways to divide up the money that will be sustainable throughout the teen years and adulthood. I recommend choosing one of these options for your children:

Option 1: Easy Math

The first way is to keep things super simple. This option will be easy for even young children to wrap their heads around.

Giving: 10%

Savings: 20%

Spending: 70%

You can read more about this method and why it works well for budgeting here.

Option 2: Teaching Net Income 

The second option is a little bit more complicated to do the math, but it teaches kids an important lesson about Net Income vs. Gross Income (or Salary vs. Take-home pay). 

(You can see more detailed information about Gross Income and Net Income in this post.)

This is the way that we are teaching our girls to allocate their funds. 


For a couple of reasons:

1. My husband and I base our giving off of our gross income (the total salary before taxes). 

2. I want them to start to understand that we don’t get to keep every bit of money that we earn in life (even if they are mainly earning it by having birthdays at this point.) 

This gives you a tangible way to teach them about gross and net income before they have to deal with taxes later on.

Here’s How It Works:

First, give based on the Gross Income: Take 10% of the Gross Income. 

Net Income (=) Gross Income (-) Giving 

Save 30% of your Net Income: Multiply Your Net Income by .3 and Put that amount into the Savings Jar.

Then set aside the other 70% of the Net Income for spending money.

Notice that in the easy math option, I recommend saving 20% of the income… that is for the sake of easy math. For teaching net income, they can save 30% of their net income and the math will work out nicely.

Here’s an Example:

Christmas Money Example:
Total Gross Income: $25
Giving- 10% of Gross: $2.5
Total Net Income: $22.50
Savings- 30% of Net: 6.75
Spending- 70% of Net: 15.75

3) Do The Math

Next, figure out the dollar amount that is going into each category.

If it’s been a little while since 5th grade and you aren’t super comfortable with percentages anymore, here’s how it works:

Whatever percentage you want to use, just move the decimal over two places to the left, then multiply that new number by the total.

(Also if math isn’t your thing, stick with the Easy Math Option at first.)


10.% = .10

70.% = .70

10% of $25 = .10 x 25 = $2.50

20% of $25 = .20 x 25 = $5.00

70% of $25 = .70 x 25 = $17.50

Depending on the age of your child, you can do this step by yourself or have them help you.

When we did this the first time, my oldest daughter, at four and a half, was too young to understand percentages so I just did the math by myself.

4) Get Small Bills and Exact Change

Once you know exactly how much money you will be putting into each jar, figure out exactly how many dollar bills and quarters, dimes, nickels, and/or pennies you need.

Since my oldest was too young to understand that a $5 bill is equal to 5 $1 bills, I wanted to get the money in $1 bills to help her learn the concept. 

If your child is older, they may like having larger bills. But sometimes counting out 15 $1 bills and putting them all into your spending jar can be more motivating than putting one $10 bill and one $5 bill into the jar.

When the girls each received $25 for Christmas, I went to the bank and got 46 one-dollar bills and $4 in quarters. Yeah, it was a little weird to ask for, but it worked well for teaching!

The teller didn’t seem phased about getting such a strange request, she just asked if I was doing a fundraiser and needed to have change on hand.

I know that my younger daughter is way to young to understand the concept, but I separated out her money, too. 

This way my oldest daughter could have extra practice with counting and she could see that this is what we do with money for everyone in the family.

5) Explain As You Go

When you are counting out the money to put it in the proper jars (or containers), have them do everything with you.

As we went down the list, I had her count out the correct number of bills and quarters for each amount.

Then I had her do the same thing with her sister’s money.

It was good practice to have her do everything twice!

As you do this, be sure to explain is the right order of budgeting. 

Each time we go through the process I ask, “What jar do we fill first? Which jar do we fill next? What jar do we fill last?” 

Successful Money Habits Everyone Should Teach Their Children: The Easy Way to Teach Your Kids about Budgeting and Personal Finance

6) Give First: 10%

We are teaching our daughters to put their giving money aside first.


Because people are generally selfish and if we wait until we have leftovers to share with others, then there won’t be anything left. 

Putting the money into the giving jar helps us think of others before ourselves.

(If you aren’t into giving, just bump savings up to be your top priority!)

I go into more detail about the order for allocating your money in my Budget Percentage post.

7) Save Second- 20-30%

After giving, savings should be the top priority. 

Talk to your children about how they need to prioritize their savings. 

People are naturally impulsive and have unlimited wants, so if we wait until we are done spending to save, there won’t be anything left!

Which Percentage Should I Use for Savings?

In our Budget, Ross and I save 20% of our Net Income, but for the girls, I am teaching them to save 30% of their “Net Income” using the Teaching Net Income Option I showed above.

Why? Well, kids don’t have any necessary expenses. At least mine don’t at this point. 

They don’t pay rent, they don’t buy food, and we pay for their clothing and swimming lessons. 

Everything in their spending jar is just for fun.

Even if they are saving for something practical, I think that it is better for them to save up their spending money to buy something.

It’s a great opportunity to get into the habit of spending less and saving more.

Even from a young age, they can get into the habit of living on 70% or less of their net income as I explain in this post

Later, if they find that they can only afford to save 20% once they are on their own, it will be an easy adjustment to make.

It won’t hurt anything that they saved a larger percentage when they were younger, and they will probably be glad that they did.

How do I know that? Well…

I was kind of a miser as a little kid. I loved making and saving every bit of money that I could get my hands on. 

After I was married, my dad called me and told me he had just found a mason jar in his closet that I had asked him to keep safe for me when I was about twelve years old. 

It had over $700 in it, which was very helpful to a newly married couple living on a small income! 

That wasn’t all the money I had saved as a child, I had some healthy bank accounts as well from birthdays and jobs anyone would give me… this was my *extra savings*.

I was glad that I had chosen to save more than 20% of my income as a kid when I didn’t have expenses.

8) Spend Third- 70%

This is the category everyone is most excited about, which is exactly why we need to save this jar until last (teaching children about self-control, anyone?)

This jar is for anything and everything that their little hearts desire. (Within reason, of course, Mom and Dad have veto power in our house.)

Anytime that our oldest decides that she wants something and a Birthday or Christmas is nowhere in sight, we tell her “You’re welcome to earn some money to buy that!” or “You can use the money you have in your spending jar if you’d like.”

Then she has a choice to make about how she wants to spend her money.

Often she decides she really didn’t need it in the first place, and other times she starts finding ways to make money.

7 Ways to Teach Children the Value of Money

Now that you know the process for teaching kids how to allocate money when they have it, here are Seven Additional Ways to teach them about the value of money.

1) Give Them Ways To Earn Money

In our house, chores are compulsory.

They aren’t optional, debatable, or up for discussion.

They are a way that we can all participate in making the house run smoothly.

However, once their daily chores are completed, they can earn money by doing extra, more involved chores. 

When my oldest daughter told me that “her kids” (her dolls and stuffed animals) needed Christmas presents this last year, I told her she would have to earn some money if she wanted to buy them presents. 

(I explained that I already had bought Christmas presents for my kids and I hadn’t planned on spending any money on hers.)

I was deep cleaning my kitchen at the time and told her I would pay her for helping me.

Pro Tip: Don’t overpay your children just because you love them and are proud of them for trying. Use this as an opportunity to teach them that they have to work hard for money and pay them for their skill level. If you overpay them, they will expect making money to be easy when they get a job and not be prepared to put in much effort.

Since she was only four and needed a lot of assistance, I paid for the effort and the principle of working for money more than actually paying for the help I received.

After she had her money, we went to the dollar store and she found her kids some cars and stickers.😂

She was so proud of the presents and wrapped them up and helped Little Jane (her favorite doll) open them on Christmas.

I don’t think she would have been as excited to give them the gifts if she hadn’t worked hard for the money herself.

How to Teach Kids About Money: The Easiest Budgeting Method for Beginners

2) Let Them Buy Things

Later she wanted a watch because most of her little friends had received them as gifts. 

We told her how much money she had in her jar and let her do some shopping. (She ended up shopping with our help on Amazon because that seems to be the only place to find things that don’t have branding all over them…)

She picked one that she liked and was within her budget and waited anxiously for it to come!

The day that it came, we let her open the package, then told her to get her money. Ross had her count out the exact amount of money that she needed to pay for the watch.

After she counted out 14 dollars she said “But that’s all my money!”

We reminded her that we had told her that this would take all of her spending money as she was watch shopping. We told her if she wanted the watch, she had to trade the money for it.

After weighing for a minute if it was worth it or not, she decided that she wanted the watch.

That’s exactly what we want to happen! We want our children to realize that everything that we buy has a cost.

3) Set Boundaries with Gifts

Setting boundaries with birthdays and Christmas and any other holiday presents is an important step in teaching children the value of money.

If every holiday they receive anything and everything on their wish list, they won’t see any need to be careful with their own money.

They also won’t learn how to weigh out different options and make a decision about which item they would like more. This is a valuable tool that many children are missing out on because of so many generous people in their lives.

If a child wants a bike and a scooter for his birthday and ends up with both because each set of grandparents got him one, he didn’t have to learn to save his money and decide which one he really wanted.

Sometimes it can feel uncomfortable to have a conversation about keeping gifts to a minimum.

While you certainly don’t want to hurt anyone’s feelings, we have had great success with having honest conversations with all the grandparents in our girls’ lives.

More often than not, family members will understand and appreciate the values you are trying to instill in their grandchildren.

We still get our girls’ birthday presents, and sometimes large ones, but we usually have all the grandparents go in on one gift if it is a large item instead of having every one of them get several individual smaller gifts. 

This allows the girls to have the opportunity to save their money for things when they want them. (Plus this helps keep the clutter under control!)

4) Talk About Money

Money is something that we talk about in daily life. 

When the girls ask to go out to eat, we explain to them that it costs a lot more money to go out than it does to eat at home. 

When they ask for something new, we explain how many dollars it would cost them and ask if they would like to do some work for it.

When they ask why Daddy is at work all day, we talk about how everything in life costs money and he is making money so we can afford our house, food, and clothing.

As they get older, the conversations will change and get more specific. But I don’t think children are ever too young to start learning that money is something that has to be worked for.

5) Get More Jars

As soon as they are old enough to want some larger items like a bike or scooter, show them how they can separate out some of their spendings to save for a larger goal.

Grab an extra jar, label it with whatever their goal is and help them decide how much of their spending money they want to save for the big item. A good start is 50% toward the goal, 50% in their regular spending jar for smaller items along the way.

Note that this is 50% of their Spending Money. So separate out the 70% for spending, then split the 70% up among the spending jars.

Let them have a say in how they want to save for the larger item, if they want to put everything toward their bike, they will get there faster!

The older children get, the more items they will want. Let them use several jars to keep track of how much they have saved for each specific item. 

It will be more motivating for them to be able to see the separate amounts and know where they are in relation to each goal than it would be to throw it all into one pot and guess how much they have.

6) Help Them Set Goals

Sometimes children get stuck on buying trinkets and have a hard time realizing how much more fun they could have if they used their money for larger items.

Try suggesting some larger items that you know that they would enjoy spending their money on. 

Depending on their age, have them consider a watch, a fun dress, a new bike, getting a pedicure…the sky’s the limit!

7) Get Bank Accounts

Once the Savings and/or Spending jar is full, help them set up bank accounts. 

Especially for savings, having a bank account will keep them from wanting to dip into their saved money and use it for spending.

It can also be a good idea, as they get older, to get them a checking account for their spending money, but I wouldn’t do this until they are old enough to understand more abstract concepts.

They need to be able to understand that the money is in their account at the bank and that they are still exchanging dollars for goods even though they are only using a card.

If they are saving for a large item and you want to keep the money safe until they are ready to purchase… but you don’t think they will understand the concept of a bank card yet; you could always open a checking account for them. Then before they are ready to buy, take them to the bank to get the cash. This will help them see the money in action.

You May Also Like to Read…

10 Reasons You Should Make Bread With Your Kiddos and 9 Practical Ways to Teach Your Children Self-Control.

If you want a more detailed explanation about the 70/20/10 rule, check out How to Use Budget Percentages to Build Your Budget: The Secret to Sticking With Your Budget from the Start.

And if you’d like to get started creating your budget, read How to Start Budgeting: a Beginner’s Guide to Creating a Budget, Cutting Costs, and Saving Money.

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  • Calculate Your Net Income
  • Track Your Spending
  • Calculate Your Monthly Expenses
  • Determine Your Fixed & Flexible Expenses
  • Set Up a Budget
  • Pay Off Debt
  • Create Savings Accounts
  • Donate to Charity

Master Your Money walks you through exactly how to take charge of your finances so you can afford to live the life of your dreams!

Plus you will receive the Money Mastery Workbook and Spreadsheet and email support from me anytime you have questions.

I hope to see you inside the course!

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See you on the next one! Kassy
Money Management for Children. How to Teach Kids About Personal Finance so that they will understand it.
How to Explain Budgeting To Your Kids. Budgeting Tricks Every Kids Should Know
The Simplest Budgeting Method for Kids: How to Teach Your Kids About Budgeting
How to Teach Little Kids About Money: The Easiest Budgeting Method for Beginners.
Easy Budgeting to Teach your Children. How to Teach Your Children About Personal Finance in 10 Easy Steps
How to Use Percentages to Build Your Budget: The Secret to Sticking to Your Budget From The Start

How to Use Percentages to Build Your Budget: The Secret to Sticking to Your Budget From The Start

The Easiest Percentages to use for your budget, plus a free beginner's budgeting checklist!

You’re ready. You’re sure of it. 

You pull up your spreadsheets, dust off your calculator, and grab your workbook.

This time it’s going to be different. You’re going to create a budget… and stick with it!

Only, it’s never different. Time after time you’ve tried to get your finances under control, and time after time you’ve failed.

But what if I told you that there were two tricks that you could use to change that?

By making these two small shifts, you’ll be able to stick with your budget and meet your financial goals.

Not only are these tricks super easy, but they will work for any budget. 

“Will these tricks work for low-income families?” Yep! 

“What about if I just want to save more of my money instead of blowing it?” Yes!

“But we are a single-income family, can it really work for us too?” Definitely! 

We’ve been using these tricks since we got married and were living on one very low income. We used it when we were both working outside the home. And we continue to use it today as a single-income family with two kids. 

So I would bet you money that it will work for you. 😉

It all comes down to a mental shift

Most budgeting problems can be solved by two tiny little mental shifts.

“Really, Kassy? That’s all it takes? Changing how I think?! That seems too simple.”

I wouldn’t have believed me either, if I hadn’t tried it! But stick with me and you’ll see how this works:

The Two Important Paradigm Shifts for Success

1) Think of your budget in terms of percentages instead of dollar amounts.

When most people start budgeting, they go straight to the numbers. They don’t bother looking at what percentage of their money they are spending, saving, or giving.

They think that the numbers in their budget are fixed and unchangeable. So they let the numbers control them.

Here’s where the shift takes place: If you decide the total amount of money that you can spend on expenses before you begin your budget breakdown, you are in the driver seat.

Not only does using percentages put you in charge, it will allow your budget to work on any income.

2) Reverse the way you allocate your money. 

Most often, when people are looking at their numbers, they look at their expenses first. 

What’s left after all of the expenses have been met is saved. 

And if there is anything left over after that, then they give.

That’s backwards!

If you have an unlimited pool of money for any and every expense you want, your expenses will grow until they drain the pool.

There will never be anything left for savings, and there will never ever be anything left to give.

If saving, paying off debt, and giving are important to you, you must allocate your money in reverse!

So how do you change these habits?

With a little bit of math.

Budgeting Percentages Every Family Should Use. The Easiest Way to Set a Budget on Any Income.

First Things First

If you are new to budgeting, I need to quickly go over a small detail: Gross Income vs. Net Income.

This little distinction will save you so much frustration!

Never, under any circumstances, base your budget off of your total salary or hourly pay. 

If you do this, you will be frustrated every month because you will never have enough money to cover your expenses.

It just won’t work. 

(If this is boring or obvious to you, go ahead and skip down to How to Use Percentages, I won’t be offended.) 🙂

Gross Income

Your gross income is your total salary or paycheck before taxes

This is what your employer tells you that you make. But let’s be real, you don’t actually see that amount of money.

If you base your budget off of your gross income, you are making a huge mistake and setting yourself up for lots of frustration and probably failure.

The only time you should worry about this number is when you are job hunting.

Net Income

Net Income is commonly referred to as take-home pay, or what you make after taxes.

Any time I say “income” when we are talking about creating your budget, I mean Net Income.

This is the number that shows up in your bank account or on your paycheck after all of those FICA guys have had a crack at it.

The only exception to the rule is that some people like to base their giving off their gross income instead of their net income, but I’ll explain more about that below. 

For now, just know that you should only think about your Net Income while building your budget.

Got it? Ok, back to how these tricks work.

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How to Use Percentages to Build Your Budget

When you are building your budget, you can obviously use any percentages that you want… It’s your money after all!

But I’m going to show you the percentages that we have used (and still use) on a variety of income sizes in our almost 10 years of marriage. 

These percentages will work if you are just starting out, paying off debt, or have plenty of money coming in!

The 70/20/10 Rule

The 70/20/10 rule is going to give you the most basic structure for your budget.

You’ll decide the total amount for every single item on your budget once we get this structure set up, but be careful not to needlessly increase your expenses as your income grows.

For example, you don’t need to increase your food budget just because you make a little bit more money.

Giving yourself a broader outline allows for you to make adjustments and add things into your budget as needed, without needlessly growing the amount of money you spend on transportation or housing, for instance.

Here’s how it works:

Expenses (Everything it costs you to live): 70% of your income (Take-Home Pay)

Savings/Debt Payment: 20%

Giving/Donations/Tithe: 10%

Let’s get into the details:

Expenses: 70%

A Minimalist Budgeting Trick that works on any income. When Everyone should use the 70/20/10 Rule When Creating a Budget

When you use the 70/20/10 Rule, your expenses should be less than or equal to 70% of your net income. Never More.

Expenses (<) or (=) 70% of Net Income (Salary-Taxes)

How do you know what 70% of your Net Income is? 

Take your Net Income and multiply it by .7. The answer is 70% of your net income.

Example: For easy math’s sake, let’s say your Take Home Pay is $2000 per month. 

$2000 (x) .7 (=) $1,400

In this example, $1,400 would be the maximum amount of money you can spend on expenses.

Debt Payment and/or Savings: 20%

The next 20% is allocated to Debt Payment and/or Savings. 

Debt Payment/Savings (=) 20% of your Net Income (Salary-Taxes)

So if our take home pay is $2,000 a month. Our Debt Payment/Savings amount would be:

$2,000 (x) .2 (=) $400

If you don’t have any pressing debt, this money goes directly into savings.

If you are just starting out, begin by building up an emergency savings account (check out this post for how many savings accounts you should have to easily manage your money).

How to Handle Debt:

If you have any debt, your first order of business is to get rid of it! Preferably as quickly as possible.

Use this 20% of your income as additional payments on your debt until the debt is gone. Then go back to putting this money in savings.

Notice that I said additional payments. Your car payment(s), your student loan payment(s), and your mortgage should all come out of your expenses. This 20% of your income is for extra payments!

I’ve found that everyone has different logic as far as good debt/bad debt qualifications. You have to decide for your family what is important for you to pay off.

But here’s the thing, any debt that you can pay off is more money that you will have at your disposal each and every month from now until eternity.

“Say What?!”

Yep, it’s true.

Think about it: 

Every car payment you make could actually be going into a savings account for that amazing family vacation you’ve always wanted to go on. 

Every credit card payment could be saving for a kitchen remodel. 

Every student loan payment could be allowing you to stay home with your kids.

Here’s How We Handle Debt:

Like I said above, you have to choose what debt is worth it to you to pay down.

In our family, these are the types of debt we would pay off quickly: (And when I say quickly, I mean we throw every bit of money we can find at it until it disappears.)

Debt We Paid/Pay Off Quickly:

Student Loans:

A lot of people consider student loan debt to be good debt. We didn’t. 

We did the math and realized how much extra we would be paying on our loans if we made the minimum payment every month for years on end.

We paid off our loans as quickly as we could and saved ourselves thousands of dollars in interest. 

That’s a lot of mulah that we now get to keep in our pockets!

Paying off our student loans is one of the main reasons I am able to stay at home with my girls without having to worry about making a full-time income.

Car Loans:

A lot of people think that having a car loan is a fact of life. Again, we don’t.

We only purchase cars that we know we can afford to pay off within a year. Worst case scenario, we know we can do it in two. Then we drive that car until someone else totals our vehicle… It’s happened twice now.

Not having a car payment is another reason that I am able to stay home with my girls. So it’s worth it to us to pay our cars off quickly. Then to drive them until they die. 

Credit Card Debt: 

Credit Card Debt Payments would belong in this category as well. 

If you tend to get into debt using credit cards, pay the debt off quickly… after you cut the cards up and throw them away. 

Don’t get any credit cards again until you have all your debt paid off and have a handle on your spending.

We make money off of our credit cards because we only use them when we know we can pay off the balance at the end of the month… then we take the rewards to the bank!

The reason we chose to pay off any debt quickly was that we had a goal of becoming a single-income family when we had kids. Not having debt gave us the freedom to do that.

Pro Tip: If you can pay extra money, make sure every penny is going against your principal amount only and not toward the interest on the loan. You will pay it down a lot faster that way!

Don’t just make double loan payments when you’re paying off debt!

How to Make Your Budget Work on Any Income. The Easiest Budgeting Percentages for Beginners

Debt we don’t pay off quickly:

Mortgage Loans:

The reason that we aren’t paying off our mortgage quickly is that we were transitioning to a single-income household when we purchased our home. 

While we were careful to purchase a house that we could afford on one income, it would be a big stretch for us to make additional payments on our income. 

Even if we were able to make extra loan payments, it would still take us a very long time to pay off our house.

For us, it was more important to spend the money that we would have been using to pay off our mortgage on swimming lessons, music lessons, and a family vacation here and there.

But if you can afford to pay off your home and it is a priority for you, go for it! 

You need to evaluate your debt for yourself and your family. Pay off what you can, and make your regular payments on the rest.

Giving: 10%

In our family, we tithe 10% of our income to our church.

If you don’t belong to a church, or you don’t want to give to your church, there are other things that you can do with this 10%.

Give to a charity, find a cause, or help someone pay for college… Get creative and give back.

No one ever regrets giving to charity and making the world a better place.

Obviously, you aren’t required to give any of your money away, it’s your money. 

But I highly encourage you to do something with the money that is bigger than yourself, even if it is just putting the money into a college savings account for your own children.

For our $2000 net income example, we have been using, the charity amount looks like this:

$2,000 (x) .1 (=) $200

Gross Income vs. Net Income Giving

Now, remember when I told you that you could give off of your gross income (your total salary) instead of your net income (your take-home pay) if you wanted to?

Some people, ourselves included, choose to give this way. 

(Don’t worry, I’m not going to try to convince you to do this. You should do whatever seems right to you.)

But I wanted to walk you through the process in case you wanted to give this way as well.

Your numbers won’t work out beautifully if you do this. You can’t give 10% of your gross and still expect to spend 70% of your income on expenses and 20% of your income on savings. 

Something else will have to give.

If you choose to give 10% of your gross income, I suggest you take the extra giving out of your expenses instead of your savings.

Here’s How You Do The Math:

Calculate your Giving: 

10% of your Gross Income in this scenario

Calculate your Savings:

20% of your Net Income

Use the Remainder for Expenses:

For us, this works out to be about 67% of our net income for expenses.

If you prefer to use the nice round numbers of the 70/20/10 rule, you will have to do everything based off your net income.

Now Think in Reverse

Each month when you allocate your money into each category, I want you to do it backward!

1) Give First

Take your 10% of each paycheck and make a payment to your church, charity, cause of choice, or college fund.

Do this before you do anything else!

Why do we give first?

If we wait until the end of the month and give last, there won’t be anything left to give. Everyone is naturally selfish and if we don’t set aside the money that we want to donate, then there won’t be anything left at the end of the month.

Money has a way of sneaking away undetected if we aren’t intentional with it.

2) Pay off Debt and Save Second

The same logic applies here. If you don’t pay yourself next, you won’t get around to it!

Twenty percent of your income won’t be magically sitting around at the end of the month waiting to be saved.

Have your money auto-draft to your savings account or have an automatic loan payment set to go out the day you get your paycheck (or the day after you get paid, just to be safe, you don’t want to overdraw.)

Pretend that the money never existed!

3) Use the Remaining 70% or less for your Expenses

Now that the important stuff is out of the way, use your remaining 70% to live on.

If you find that 70% isn’t enough, get creative and cut some expenses. Check out my post 10 Surprising Ways to Save Money When You Are Living Paycheck to Paycheck if you need some ideas.

The Biggest Secret to Saving Money on Any Income. How These Easy Budget Percentages are the key to Budgeting for Beginners.

Here’s a quick Recap of the Two Simple Tricks:

1) Think of Your Budget as Percentages Instead of Dollars: 

Expenses: 70%

Debt Payments/Savings: 20%

Giving: 10%

2) Reverse the Order: 

Give First

Save/Pay Off Debt Second

Spend Third

I hope these two simple tricks make your budgeting journey easier!

You May Also Enjoy…

Ready to Build That Budget? Read How to Start Budgeting: A Beginner’s Guide to Creating a Budget, Cutting Costs, and Saving Money.

Do you need to cut some expenses? Check Out 10 Frugal Living Tricks for Saving Money and 37 Ways to Save Money on Groceries.

Do you worry about what your friends will think if you start sticking with a budget? I’ve got you covered with Seven Powerful Mindsets for Single Income Families.

Teach your children how to budget with The {Simplest} Budgeting Method for Kids.

Ready to Stop Feeling Stressed About Finances?

Then check out Master Your Money!

In Master Your Money, you will learn how to 

  • Calculate Your Net Income
  • Track Your Spending
  • Calculate Your Monthly Expenses
  • Determine Your Fixed & Flexible Expenses
  • Set Up a Budget
  • Pay Off Debt
  • Create Savings Accounts
  • Donate to Charity

Master Your Money walks you through exactly how to take charge of your finances so you can afford to live the life of your dreams!

Plus you will receive the Money Mastery Workbook and Spreadsheet and email support from me anytime you have questions.

I hope to see you inside the course!

(Or if you are more of a do-it-yourself kind of gal, you can check out my DIY Master Your Money Resources!)

See you on the next one! Kassy
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How to Start Budgeting: a Beginner’s Guide to Creating a Budget, Cutting Costs, and Saving Money

How to Start Budgeting: a Beginner’s Guide to Creating a Budget, Cutting Costs, and Saving Money

Ugh. Budgeting.

How to Start Budgeting When You're on a Small Income: Plus a Free Beginner's Budgeting Checklist

The last thing you really want to spend time doing or thinking about, right?

We all know we should do it, but it’s usually the last thing we get around to.

It’s like the vitamins of home management.

Here’s the thing though, budgeting can actually be fun!

I feel like you don’t believe me, so let me show you:

Wouldn’t it be fun if you could afford to take that trip you’ve been dreaming about? 

Wouldn’t it be fun if you told your money where to go instead of credit card debt bossing you around? 

And wouldn’t it be fun if at Christmas time, you already had the money saved up for gifts instead of digging yourself into a financial hole?

Budgeting can make all that happen!

Yes, it takes some time, some effort, and some grit to stick with it.

No, it isn’t easy at first.

But when you pay off that first debt, when your savings account starts growing, and when you stop spending money on things that you don’t need, it is all worth it!

Before we get into the HOW of building a budget, let’s take a quick look at WHY you should start a budget, in case you still aren’t convinced.

Or if you’re ready to get started, just skip the next section. 🙂

And if you prefer to watch your content instead of read it, here is the video that goes with this post:

Why You Should Start a Budget

1) You Will Get Your Spending Under Control

If you spend more than you make each month and money seems to magically disappear between your paychecks, starting (and sticking with!) a budget will help! 

When you have your money allocated to where it needs to go, you know exactly how much money you have left over to play with each month.

Basically, it keeps the money from getting confused as to whether it is fun money or serious money

Creating a budget will help you see exactly what you are spending your money on… and see if you need to make any adjustments. 

Having Netflix, Hulu, and Amazon Prime may be nice, but would it be better if you could afford better gifts at Christmas time if you only subscribed to one entertainment hub?

2) You Will Reach Your Goals Faster

Do you have a trip you want to go on? A car you want to purchase or pay off? Are you thinking of purchasing a house and need a down payment?

Start that budget!

By laying out exactly how much money you need to save and dividing it up into nice manageable chunks that you can save each month, you will reach your goals more quickly.

3) You Will Save More Money

Putting your money toward an emergency savings account or retirement can be a challenge when you are budgeting based on your feelings every month. 

Going out to eat will always win over putting that money in an account when you don’t have clearly defined goals.

9 Reasons you should start a budget today! Plus a Free Beginners Budgeting Checklist

But when you write down your goals on paper, and auto-draft directly into your savings account(s), you will start to build a nest egg for when you need it.

4) You Can Stop Living Paycheck to Paycheck

Living paycheck to paycheck is frustrating and stressful. 

No one enjoys living that way without any financial cushion.

Knowing exactly where your money should go each month will give you the courage to say, ‘no’ to things that aren’t in the budget so that you can begin to build in some wiggle-room.

5) You Can Be Flexible from Time to Time

Sometimes, the kids will need a whole new wardrobe, and usually they all need it at the same time.

If you have a budget though, it’s not a problem!

Just eat cheaper foods for a month, or cancel some subscriptions, or put a little bit less into the college savings accounts.

If you know how much money goes everywhere each month, you can easily move things around temporarily if need be, without completely throwing things off track.

6) You Can Get Back in the Driver Seat

Sometimes it can feel like your finances are in control of you, especially if you are in debt. 

By creating a budget, you are back in control.

You can allocate where every bit of money is going and know when your debt will be paid off if you stay on track.

7) Having a Budget Keeps You Accountable

Building a budget, is like having a financially savvy friend who will say, “do you really need to buy that cart-full of things at Target? Or have you already spent your shopping budget for the month?”

It may not be what you want to hear, but you know that your friend is right.

Sometimes it’s just what you need to kick your finances into gear.

8) Having a Budget Simplifies Your Finances

Even though it seems more complicated at first, once you get the hang of it, it will make your finances simple.

Especially if you use my simple percentages trick that I talk about in this post, you will be amazed by how easily you can keep track of your money.

You will know where every dollar is going and never wonder why your credit card bill is so high again.

9) Money Will No Longer Get “Lost”

Have you ever put money in your bank account and had it “disappear” less than a month later? You aren’t even quite sure what you spent the $100 you got for your birthday on, but it must have been something, right?

Having a budget and sticking with it will keep you from spending your birthday money at the Taco Bell drive-through and enable you to use it for something fantastic. (That’s never happened to me by the way…)

How to Create a Budget:

Now that we all understand why creating a budget is so important, let’s go through the simple steps for creating a budget!

1) Grab Your Gear

We are kind of spreadsheet junkies. We have a spreadsheet for everything… from every board game that we own, to our Christmas card address list.

So for us, it’s a no-brainer to grab our laptops if we are looking at our budget. We like to use Microsoft Excel for all of our spreadsheets, and I built a Money Mastery Google Spreadsheet to get you started on the right foot if you’ve never used spreadsheets before.

The advantage of using a spreadsheet for your budget is that you can easily change the numbers if anything changes without having to completely re-do the math. 

If you use the formulas, the spreadsheet does the math for you!

But if paper and pen is more your style, it is also a great way to build a budget. You can grab my Money Mastery Printable Workbook if you would like an easy plug-and-play template.

2) Determine Your Reliable Monthly Income

Take your income after taxes, your spouse’s income after taxes, and any other consistent incomes that you have (after taxes!) and add them all together.

The sum of the net incomes is the amount of money you have at your disposal every month.

Notice that we aren’t looking at every bit of money that you *might* make in a month.

What you want to know is what will absolutely be at your disposal.

Be very sure that you are not looking at your Gross Income. That number is quite different than the cash flow you will have available after all of your deductions are taken out.

How to Start Saving More Money By Starting a Budget

3) Write Down All of Your Monthly Expenses

Grab your Workbook or Spreadsheet and write down every bit of money that you spend in a month. 

Jot down anything you can think of from how much you spend on eating out, to your mortgage or rent payments, to your Netflix subscription.

If you get stumped, your credit card or bank statements might offer some inspiration.

Be specific. 

Then add everything in each category together and write it down. (You’ll find a list of categories in the Workbook and Spreadsheet.)

How to Budget for Food

The food category can be tricky for some people because their eating habits vary greatly from week to week, or because they typically eat out and they want to start eating at home more to save money.

If you fall into either of those categories, you have three options:

1. You can track how much you spend on food for a month before setting your food budget in stone.

2. You can make your best guess and adjust after the first couple of months if you need to.

3. You can commit to eating more meals at home and begin meal planning. (Check out my post on How to Begin Meal Planning When You Don’t Know Where to Start if this is new for you!)

UPDATED in 2021 after the coronavirus:

I used to make a specific recommendation for how much money you should spend on your budget ($100 per person/per month).

BUT in this video I talk about how food costs have gone up since COVID. I now think that you should try to set your food budget as low as you can while still making tasty, healthy meals for your family.

Adjust the number according to your geographic location (I know some places like Hawaii are much more expensive to buy groceries), and your eating preferences (or dietary restrictions). But don’t be afraid to challenge yourself with spending less money!

When you are all done writing down everything you spend in a month, add up all your expenses. Are your expenses 70% or less of your net income?

(If you aren’t sure what 70% of your net income would be, simply multiply .7 by the total net income that you came up with in Step 2. Then compare your answer with the total expenses.) 

If you are spending more than 70% of your net income, you are probably going to need to cut some costs in order to be able to save money or pay off debt depending on your goals for creating this budget. We’ll, take a closer look at this later.

(For more information about why I suggest spending only 70% or less of your net income on expenses, check out my post The Secret to Sticking With Your Budget from the Start.)

4) Divide Necessary from Unnecessary Costs

Why divide your expenses into two categories? I thought you’d never ask!

After doing all the math. you may find that you don’t have the money to put into savings that you would like to. Or you may be looking to pay off your debt quickly but aren’t sure how you will do that. Or you may want to save for a trip. Or you may find that you are spending more than you make and are getting deeper into debt…

If that is the case for you, then you will probably be looking at cutting some expenses (after you track your spending for a month in Step 8). Dividing your monthly expenses into these two categories will make it easier to see what you can live without.

Necessary Expenses

Everything you put in this category is a non-negotiable expense for your family. You won’t be able to minimize or cut out these expenses without moving or drastically changing your eating habits.

Common things that you may have in this category are Rent/Mortgage, Utilities, Debt Payment, Cell Phone Plan, Groceries, Car Payments, Car Insurance, Home Insurance, Health Insurance, Life Insurance, and Gas.

Unnecessary Expenses

Now jot down everything that is a typical monthly expense that you can either spend less on or cut out completely if you need to.

This is the list that you can work from if you realize that you need to make some adjustments.

It’s hard to minimize necessary expenses (although not impossible if you are willing to put in some work), but unnecessary costs can easily be shrunk, skipped for a month or two, or completely eliminated if you are in a less than ideal financial situation.

Things that could possibly go in this category: Clothes Shopping (most of us don’t need as much as we think we do), Miscellaneous Shopping, Entertainment, Going out to eat, Television/Cable/Dish, Netflix, Hulu, Amazon Prime Subscriptions (even though Amazon wants us to feel like Prime is a necessity).

You’ll be surprised how easily you can live without so many of these things!

The Ultimate Step by Step Guide for Building a Budget. How to Start a Budget from Square One: Plus a Free Beginner's Budgeting Checklist

5) Allocate Your Savings/Debt Payments

Why is this section about Savings and Debt Payment together? Because if you have debt (other than a mortgage), pay it off before you start putting money into savings.

Once the debt is paid off, you use the money that you had been putting toward your payments and start putting it into your savings accounts.

If you try to save while you are paying off debt, you won’t make progress with either of them very quickly and will probably get discouraged before you are done. 

But if you pay off your debt first, you are able to put more money toward your debt and pay it off faster. Then your savings will grow more quickly when you can put all of that money toward savings.

For this step, you should decide what percentage of your income you would like to save or put toward paying off your debt.

If you aren’t sure, read How to Use Percentages to Build Your Budget for all the details.

In our budget, this category accounts for 20% of our net income. When we had/have debt, we use this chunk of money to pay it off. When we don’t have debt, we save 20% of our income.

What To Do With Savings:

Instead of dumping your savings into one giant catch-all savings account, I suggest dividing it up among several different accounts.

The main reason for this is that it is much easier to track the money we have saved for different items or experiences without dipping into our emergency fund.

If you decide to have several accounts for your savings, I recommend using a separate tab in your spreadsheet to keep everything straight.

Here are some savings accounts that we have and I would recommend to anyone that they apply to:

Emergency Savings Accounts: This account is for emergencies such as a job loss or a medical need.  Don’t touch it unless you are in a crisis. It is best if you can pretend this account doesn’t even exist. 

Set up auto-drafting for this account on the day that you know you get paid.

It is a good idea to have 6-12 months of living expenses stored in this account. If you are just starting out and don’t have a savings account yet, put the entire 20% of your income into this account until you could live off of this account for at least 6 months if you needed to.

Big Goal Account: If you know that you plan on purchasing a house, boat, car, going on a trip, or paying for a wedding; it is a great idea to save money ahead of time.

Putting all your savings into one account can make saving for a goal messy. By having a separate account, you know exactly how far you are from your goal.

If you have more than one goal that you are saving for at a time, open two accounts! Opening accounts won’t hurt your credit or cost you anything as long as you maintain the required minimum balance.

Investments: It is a good idea to put money into investment accounts for retirement needs. Often long-term accounts will have higher interest rates than your run-of-the-mill savings accounts.

We use Edward Jones to keep track of putting our money in the highest yielding investments so that we don’t have to watch the market so closely.

Sinking Funds: These accounts are what we use to save for expected hits to our bank account. For us, this is mainly our cars and insurance.

We use Progressive Insurance and with them, we can save money by paying yearly for our insurances instead of every month. 

To avoid a financial surprise once a year, we divide the total amount we need to pay into 12 smaller payments. Each month, we put 1/12 of the money into an account. When our premium is due, we have the cash available.

We also use our sinking fund for car repairs and oil changes. Ross averages out what we need for these each year and puts the money away to take care of the vehicles… plus a little extra since car repairs can come at a premium and usually happen when you least expect them!

College Savings Accounts: Each month we put a little money into two college savings accounts. One for each of our girls. Any time Ross gets a bonus from work, we also put in a little extra.

Most likely the accounts won’t completely pay for their college educations, but it will give them a nice start when the time comes. 

Considering the time value of money, it is best to start these accounts as early as possible when you have children.

The accounts that we use for our girls are for education only. The upside of that is that they have a higher interest rate than a regular savings account. The downside is that they can only be used for trade schools or college. 

So if neither of our girls decides to go to college, we will have to transfer the money to someone else who wants to use it for education. This is worth it to us because we figure that worst-case scenario we could give it to a niece or nephew.

If you want more ideas for setting up different savings accounts, check out this post!

6) Determine Your Giving

You can obviously skip this piece of the puzzle if charitable giving doesn’t align with your personal values. 

But if you’ve never done it before, I encourage you to give it a try!

It’s ok to start small here, even donating $25 a month to a cause can go a long way. Just eat at home once or twice more per month instead of eating out and it will cover the cost.

Even if you aren’t part of a church, it never hurts to give back to your community. Find a cause or a charity that you are passionate about. 

I’ve never heard of anyone who regretted paying it forward!

If you really can’t afford it, volunteer once a month at a homeless shelter or soup kitchen in your area! 

There are a million ways to give back if you get creative. 

Plus volunteering will teach your children the importance of helping those less fortunate than yourself and treating everyone with respect.

In our house, we tithe 10% of our income to our church. (See this post for more information on recommended budgeting percentages.) 

Additionally, we like to donate to ADRA which supports people who live in less fortunate areas of the world or who are in difficult situations. 

We like to get the kids involved in choosing how we donate and they often like to pitch in by asking for donations for Christmas and birthdays. This year we bought a goat for a family who needed food and a way to make money.

The Easy Way to Start a Budget and Take Control of Your Money: Get Started With the Ultimate Beginner's Budgeting Checklist

7) Create a Calendar for Your Budget

Sit down with your calendar (I love this Amy Knapp Big Grid Calendar) and write in your paydays. Now, choose which payday you will have your expenses auto-drafted.

For example, We have our mortgage payment taken out on the first of the month with the first paycheck. Because of that, we have most of our other expenses drafted after the other paycheck hits our account. 

That way we have plenty left over for groceries and gas in between paycheck one and paycheck two.

After you have your expenses divided up, decide when you want your savings or debt payments auto-drafted. You may want to do this all at once, or a little bit from each paycheck. 

Having this money taken out automatically tricks your mind into forgetting about it!

The other thing you should write down on your calendar is your weekly grocery budget. 

Divide your monthly grocery budget by 4 and write it down. It is much easier to stay under budget when you know how much money you have to spend each week at the grocery store, instead of trying to remember the monthly amount.

8) Track Your Spending

Alright, now that you know where you want your money to go each month, it’s time to find out where it is actually going each month.

You can use the spending tracker in my Money Mastery Workbook or Spreadsheet, or you can do it electronically by using is a free spending tracker that we love using. 

It pulls information directly from your accounts so there is no guesswork.

The only issue that we have is occasionally a purchase will get categorized incorrectly, but you can easily go back and adjust it.

And, using, you can create as many categories as you need to!

9) Evaluate and Cut Costs

How did you do with tracking your spending? Did you stay within your budget?

If the answer is yes, you’re done! Stick with your budget and you’ll be on your way to hitting your financial goals.

If not, then you should look at cutting costs. Grab the worksheet with your Unnecessary Expenses on it, and start cutting costs wherever you can.

If you cut something out of your budget, it doesn’t mean you can never add it back in. But for now, it will help your budget a lot.

Maybe you just need to limit yourself to only eating out on the weekends, or choosing between Netflix or HULU or Amazon Prime instead of all three.

I have a feeling you’ll be surprised how little you miss some of the things that you thought you couldn’t live without!

If you need additional inspiration, check out my post 10 Ways to Save Money When You’re Living Paycheck to Paycheck.

10) Track Again

If you needed to cut some costs, track your spending for another month. Then see if the initial things that you cut out of your budget were enough for you to meet your goals.

If you are still spending too much, keep repeating steps 8 and 9 until you get where you want to be!

If you find yourself struggling to stick to your budget, you may want to use a cash system until you have your spending under control. 

But I don’t recommend using a cash system in the long run because you can build credit and make money by using credit cards… if you use them wisely.

Using a cash system is a great way to reset your spending if you need it, though!

11) Stay On Top of It

Once you have honed in on your perfect budget, don’t just forget about it. Check your budget regularly against your bank accounts to make sure you aren’t overlooking any spending.

We love using to stay on top of our money. It saves lots of time, and it’s free!

I recommend checking at least once a week, but it doesn’t hurt to check daily while you are getting into the habit. Or you can be super-cool like Ross and check multiple times a day from now until forever.

I always play a game with myself whenever I buy anything other than groceries to see how long it will be before I get a text from him confirming that I did indeed purchase whatever it was from wherever it was.

It used to annoy me until I realized that’s one of the reasons we have been able to live debt free for so long… and it was a helpful habit to have when someone stole our credit cards…but that’s a whole other story!

The important thing to remember is to check frequently, whatever frequently means to you!

The Ultimate Guide to Creating a Budget for Beginners Living Paycheck to Paycheck: Plus a Free Beginner's Budgeting Checklist

Here’s a quick re-cap of How to Set Up a Budget:

  1. Grab Your Gear: Use a spreadsheet, notebook or use my Money Mastery Workbook and Worksheet.
  2. Determine Your Monthly Net Income: Add all reliable monthly net incomes together.
  3. Write Down All Monthly Expenses: Write down everything you spend money on in a month from your debt payment to buying toothpaste.
  4. Divide Necessary From Unnecessary Costs: In one column write down everything you can’t live without, in the other, write everything that you might be able to adjust if you need to.
  5. Allocate Your Savings/Debt Payments:  Put 20% of your Net Income toward paying off your debt first. After your debt is paid off, build up your savings accounts. 
  6. Determine Your Giving: Decide where and what amount you will give to charity.
  7. Create a Calendar for Your Budget: Write down when you get your paychecks. Then determine when your expenses/savings/debt payments/charitable giving will auto-draft.
  8. Track Your Spending: Write down everything you spend for a month.
  9. Evaluate and Cut Costs: How did you do with sticking to your budget?
  10. Track Again: If at first you don’t succeed, try, try again.
  11. Stick With It: You can do this!

Good luck!

You May Also Enjoy…

How We Paid Off $20,000 in debt in 18 Months!

How to Organize Your Finances With 7 Bank Accounts.

37 Ways to Save Money on Groceries if you aren’t sure how to get your grocery budget under control.

10 Ways to Save Money When You’re Living Paycheck to Paycheck if you need some ideas for how to cut costs.

If you want to be sure that you can stick with this budget from the start, check out The Biggest Secret to Sticking With Your Budget.

Does worrying about what other people will think of you if you start living more frugally keep tripping you up? Check out 7 Powerful Mindsets for Low-Income Families.

Teach your children how to budget with The {Simplest} Budgeting Method for Kids.

You can read about our journey learning to live on one income here: How We Became a Single Income Family.

Want 7 Extra Hours Every Week? Grab the Streamline Your Home Quick-Start Guide!

Ready to Stop Feeling Stressed About Finances?

Then check out Master Your Money!

In Master Your Money, you will learn how to 

  • Calculate Your Net Income
  • Track Your Spending
  • Calculate Your Monthly Expenses
  • Determine Your Fixed & Flexible Expenses
  • Set Up a Budget
  • Pay Off Debt
  • Create Savings Accounts
  • And More!

Master Your Money walks you through exactly how to take charge of your finances so you can afford to live the life of your dreams!

Plus you will receive the Money Mastery Workbook and Spreadsheet and email support from me anytime you have questions.

I hope to see you inside the course!

(Or if you are more of a do-it-yourself kind of gal, you can check out my DIY Master Your Money Resources!)

See you on the next one! Kassy
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