The YouTube video “How to Budget as a Family?” discusses the importance of being money smart and getting on the same page with your spouse about your financial situation. Regardless of how big or small your income is, planning and budgeting is critical. According to Payscale.com, if you’re looking at a deputy sheriff career, it starts with a salary range between $110,310 and $123,930.
Making Your Dollars Last
The minimum annual income for a family of four to get by is around $68,000 per year. This is well below the entry-level salary of a deputy sheriff.
In a single-income home, you may be able to get by on your deputy sheriff’s salary alone. If you have a double-income home, your budget may not be as tight.
The first step to creating a budget is identifying your debt. Your primary goal should be getting this debt paid off as soon as possible so you have more disposable income to work with. Start by working on your most considerable debt and chip away at that one big payment at a time. Secondly, set aside a small amount of your income as an emergency fund and another as a savings fund. What’s left is what you have to work with.
Draw up a budget for your expenses. This budget will determine if you need to put in extra hours or take shift work to generate more money through your job, as getting a second job may not be an option.