Making Budgeting Decisions (1273)

Making budgeting decisions is a challenge for every family. If you run into problems making decisions, these steps may help you arrive at an acceptable solution:

Step 1: Define the problem. Be specific. List only one problem at a time (e.g., high debt load on credit cards).

Step 2: List ways the problem could be solved. Write down all possible solutions that come to mind. Do not judge their worth at this point.

Step 3: Evaluate each of the solutions listed in Step 2. Are they workable, practical, and agreeable to everyone involved? Can you combine several alternatives?

Step 4: Select at least one solution. Outline the steps necessary to arrive at this solution (e.g., reduce food costs to free up extra money to repay debt).

Step 5: What might stand in the way of reaching your goal? How can you avoid these obstacles? What are you willing to sacrifice to solve this problem? Whose support do you need?

Follow these steps to help you and your family make budgeting decisions. Be sure to get everyone involved in the discussion. This will generate as many ideas as possible and build support for the strategies that are selected.

For more information on this subject, Please visit the College of Agricultural Sciences Publications Web site.

Feel free to forward, post or reprint any of the "Solutions" in their entirely, but please credit http://www.solutions.psu.edu/ as the original source of information, and please do not change the content.