Like individuals, families also
can have spending plans. These plans help you
track your finances. In this section, you’ll create a spending plan for
your whole family. The plan will describe family income sources. It also will
show your planned expenses.
Completing this spending plan may require compromise. If you discover that you
have more income than expenses, you’re in great shape. However, you may
discover that your expenses are greater than your income. In that case, you’ll
have to make some decisions together as a family. How can you increase your income?
What expenses can you do without? Keep working on the plan until your income
meets, or exceeds, your expenses.