Making Ends Meet In Utah

It's every parent's job to teach our children, well, a lot of things.

But one thing we need to master ourselves and then teach to our children is how to live within our means.

Budgeting!

It's remarkable to me how many adults have no concept how to make this work.

I know it sounds simple, but the bottom line is you have to take the money your bring home and the money you spend and make them synch.

The money you spend must always be less than the money you bring home.

Easy, right? Maybe not so much, as the prices of everything continue to climb to new heights (A house? Half a million. A car? 50 grand. A meal at a restaurant? At least 20 bucks if you go budget).

So here are some tips that you can use and then teach to your children so they'll be prepared when reality comes a calling in their late teens.

Assess and write down exactly what your take-home pay is every month.
Assess and write down exactly what you spend on essentials every month (things like rent, food, utilities, etc.)
Make a commitment to save a percentage of your take-home pay every month for future needs (that "percent" depends on you, but experts suggest at least 10 percent).
Brainstorm areas where you can cut back -- eating out less, selling pricey car, buying used instead of new clothes, etc.)
Don't buy big items until you actually have the money -- too many of us "buy now, pay later." All this means is you'll be paying some lender exorbitant interest rates.
Get a "side hustle" if the number are grim. A second job or even a small business where you sell something can help you make ends meet.
Leave money in there for fun -- budgeting does not mean bad news. Budget into your life a trip to the movies, a visit to the lake or the karaoke bar. Just plan in advance how much you can spend.

Budgeting doesn't have to be miserable, but we all need to act like grown ups and stop hoping the government will bail us out.