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A Balancing Act

Money Management Tips for One-income Families

By Dorothy Nelson

When developing a household budget, it helps to factor in fixed costs first, and then include additional baby-related expenses. These are the expenses that are consistent every month, such as the mortgage and a car payment. If the costs of a certain item vary from month to month, look at what you've paid the last three months and come up with an average. If you are expecting your first child, ask friends about how much they spend on staple items such as food, diapers and formula to help calculate these expenses. You also may need to budget a few extra dollars in the first few months for major equipment you need, such as a crib and a stroller. Keep in mind baby products that don't need to be purchased immediately. For example, a high chair can be bought at a later date.

It's a good idea to include a savings plan as part of your budget. Whether its $.50 or $50 a day, many of us tend to fall short when it comes to putting money away. But let's face it: Most people would agree that they feel more comfortable with some sort of financial cushion for unanticipated costs or emergencies. Be prepared to reassess your budget regularly or whenever there is a change that affects the family finances. Whether it's a debt that is finally paid off or you need to buy a second car, you will need to make adjustments to the budget.

Finally, remember that when it comes to maintaining a budget, discipline is key and documentation is critical. If you keep good track of what you're spending – and saving – you'll feel more in control of the family finances.

Want to see more?

• Making Change Work: Husbands and Wives in Stay-at-home-Dad Families
• Pressure to Provide: Balancing the Responsibilities of Father and Husband
• One Family, One Income: Making it Work Today
• Talk about it!

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