The table below gives a general overview of some of the common costs of running a family.

Category	Fixed Costs	Variable Costs
Housing	Mortgage Property tax Conservancy charges	Decor Renovation and repairs Home appliances
Transport	Car Road tax and insurance Public transport charges	Petrol Car servicing
Education	School fees Child care fees Books and uniforms Pocket money	Enrichment classes Assessment books Stationery
Healthcare	Insurance	Doctor visits Medical emergencies
Food	Groceries Meals	Special celebrations
Daily living	Domestic helper Utilities Phone, internet and tv	Holidays Clothes and accessories
Recreation	Club membership	Lifestyle classes Equipment and accessories Facilities booking
Others	Income tax	Donations Parental allowance

Simply put, family budgeting means ensuring that household expenses do not exceed income. Most of the time, we remember to account for fixed costs, especially for big ticket items, but variable costs tend to be overlooked. Although it doesn't seem that way, variable costs can take up a large proportion of our budgets as they tend to be paid for in an ad-hoc manner.

The easiest way to manage the family budget is to use a spreadsheet to note down all expenses and income. There are many online tools available and some websites offer templates that can be downloaded for immediate usage. Searching for tools on the Internet is a good first step to get you started - you can download a free spreadsheet, use a budget calculator to track your expenses, and find basic tips on family budgeting.

1. Overestimate, don't underestimate. Try to be accurate and if you need to guess, guess larger and not smaller
2. Establish a discipline for your credit card spending. This is where most people find themselves overstretching. Discuss with your family members which spending items can be placed on the cards.
3. Adopt a regular saving plan. This is a great way of setting aside money if you find it hard to save. The bank automatically transfers a fixed portion into your savings account every month and you won’t even think about it. One such plan is OCBC MSA 123 (Monthly Savings Account).
4. Give yourself an allowance. It’s easier not to overspend if you set aside an amount for entertainment and daily meals expenses for example, at the beginning of every month.
5. Make family budgeting a family affair. Get everyone in the family to be responsible in spending. It wouldn’t be very effective if you are the only one saving in your family.
6. Track your expenses. Keeping your receipts and noting down all your expenses can help you gauge more accurately where your money is going.
7. Trim variables first. If you need to cut expenses, variable expenses are usually the easiest to pare. Your budget list makes it easy to identify the variables and see what items you can quickly do without or reduce.
8. Review, review, review. Keep your family budget relevant by reviewing it periodically to account for changes in your financial situation and family needs.

Family budgeting is not just about sensible spending and saving. It's about making sure that both you and your spouse are equally aware of your monthly financial commitments. It is also planning for the "what ifs". Even the best laid-out plan can be derailed by unexpected circumstances. One of the most pertinent questions to ask is: "Can my family keep up with the increasing cost of living should something unfortunate happen to me or my spouse?"

It's not difficult. At day's end, it's about sensible accounting and management to maintain your family at a comfortable level. With just a little planning, you can be assured of financial security for your family, in any circumstances.