How To Make A Successful Family Budget

Priority number one: Pay yourself first. That means savings. The goal should be five to ten percent of your income. But here's a good place to start.

"Three to six months should be in the bank for emergencies. Three to six months of salary," says Jones.

And say you bring home $2500 a month, if you're saving five percent, that's $125 a month that goes into a savings account. Remember you are paying yourself first.

Then once you decide what you need and want to spend each week, think about creating a system to spend the money that won't allow you to bust the bank.

"Create a system of envelopes and put the amount you will allow yourself to spend on each thing in a separate envelope. That way, when it's gone, that's done," Jones says.

So what should you be spending?

The largest amount, 35 percent goes to your home payment or rent. Food accounts for 17 percent. Transportation takes 15 percent. Miscellaneous should be eight percent. Finally, savings, medical, debt, and clothing should all come in around five percent.

"Of course shoes are included in that five percent," Jones says with a laugh.

So what if I decide to spend more than five percent on clothes? Well then I have to be willing to cut down on something else. Just pretending you didn't spend it will bust the budget.

And if you do go over budget, Jones says, you've got to tell your spouse.

"This rule is one that most people learn the hard way if they didn't learn it in their families growing up,"she says.

Without communication, no family budget will work.