Talking to your family about money may not be easy, but it’s important. If you're not good at maintaining a household budget, you're not alone. Many families operate without a spending plan, and even those who think they are budgeting may not actually be doing so. Nearly 60% of people say they don't track spending, and 2 in 5 have never had a budget, according to a 2019 report from the Certified Financial Planner Board of Standards. Among those who reported having a budget, 43% describe their budget as a tracking tool rather than a way to plan where their money will go in advance. However, the budgeting process involves more than simply recording receipts and taking stock of spending habits.

A budget will never work if the adults in the family aren't on the same page. Before you start crunching the numbers, have a frank discussion with all decision-makers in the house to hash out shared and individual financial goals. You can even include your family when making large financial decisions and set up activities focused on planning, budgeting, spending, and setting up goals.

While the holidays are busy, they also present an opportune time to plan and set budgets not only for holiday shopping but expenditures in the coming year. Explore how to put money aside for shopping and other expenses with less stress and more happiness by taking advantage of the tools, how-to guides, short articles, and videos found at www.prudential.com/financial-wellness/Saia