Many families are hitting hard times because of the economy, and if they don't have family budget basics set up, there's a good chance they're extremely broke.
Not only are they behind on their bills, but they probably have overdrawn checking accounts.
When you put together your family basic budget, you need to make it the very basics.
This means it doesn't matter whether you're owning or renting, it should only include household expenses such as power, phone, Internet and TV, and quite possibly sewer and garbage.
These are the very minimum basics you need to survive.
It may mean you have a hard time getting to your job, it may make it a bit depressing, but at least you have a home to come home to.
Your basic budget does not include any other type of expenses besides the minimum household.
It doesn't include groceries, children's school costs, traveling expenses or anything else.
These types of expenses are added in after the bare minimum.
The second part of your family budget is to add in those other types of essentials.
It should include traveling expense to work, children's school costs, and groceries.
This is the total family budget that needed to survive relatively comfortably.
But remember, this part of the budget can be slimmed down even more by looking for government aid, going to the food bank, or even changing your work travel habits.
Anything else after that considered a luxury.
It may mean you have to get rid of your car, turn in credit cards, get rid of any type of clubs fees, and even your children can suffer by not doing school sports.
With the way the economy is you could have lost your job and have to understand family budget basics.
Remember, the basics are just the basics, anything else can be reduced, cut down, cut back or changed.