Personal Finance Tip: Money Talk with Family


Sunday evening I went to my sisters for a barbecue and I asked her and her husband:”Do you have a formal written budget?” She replied: “I don’t need one-I know where the money goes.” Newsflash-We all know where the money goes-out of our pockets into the big consumer house in the sky!!

She talked awhile and then her husband said: “You never answered the question-we don’t” This wasn’t a confrontational meeting so I explained to them how I had spent the most of Sunday actually putting numbers into Microsoft Excel Personal Monthly Budget-it had pretty much put me in a foul mood but was a great exercise. I explained how it really effected me to see things in black and white. Further, I could do analysis and see what areas were being budget hogs.

But the most important thing I believe in putting a budget together is the area where you must budget and plan for Savings or Investment. It is an expense that is first on my list. There is never a good time to save but I do believe in paying myself first. Over the years it seems individuals that got heavily into debt never adopted this strategy.

We had a great evening and as a result of our conversation I am providing them the template for their Personal monthly budget! By the way, I had not done this exercise in many years but was encouraged to do so after Madame X’s post about this foolishness (LOL). To my amazement I was $925 over my “budget” for the month. Surely, Microsoft must have a bug in this template 🙂 I will be fine tuning some of my “necessary” expenditures. Shout out to My Open Wallet!!

Steve Mertz
Don’t Budget on Sundays!

One Response to “Personal Finance Tip: Money Talk with Family”

  1. Jason says:

    Looking at your budget is a great way to see where your wasting..err I mean spending your money. Sometimes, though, its difficult to directly ask friends or family about finances. Many get defensive or don’t seem to want talk about it. I’ve found its sometimes better to lead into the conversation with explaining what you do or have done before asking them a question that implies they do that action.

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