Getting married, buying a home, and starting a family are all major life changes that require a shift in spending. Sure, the Simple Budget Worksheet is a great starter tool for singles or new couples, but how do you account for your family's evolving financial needs?  

With diapers to buy, tuition to pay, and a myriad of unforeseen expenses blowing your bank account, setting up a family-specific budget can help you identify the costs before they become debts. Using this yearly (and free) Family Budget Planner can also show you where to cut costs so you can save for RRSP contributions, family vacations, or after-school activities for the kids.  

Getting your family budget started

If you're new to budgeting or need a quick refresher, then check out 3 Steps to Starting a Simple Budget and How To Track Your Expenses to help you get your month-to-month costs counted and your income tallied.  

Using government benefits to boost your budget

Starting a family can be expensive, but there are several benefits and tax credits available to families looking to boost their budgets -- so don't leave this money on the table if your family qualifies!  

• Canada Child Tax Benefit: A tax-free monthly payment designed to assist families with the cost of raising children under 18 years of age. The basic benefit is $1,340 a year for each child.

• Universal Child Care Benefit: A monthly payment of $100 per month for each child under the age of six. Payments are taxable in the hands of the lower-income partner.

• Children's Fitness Tax Credit: If your kids are into sports, then don't forget to claim up to $500 in registration costs to receive a non-refundable tax credit of up to $75 for each child under 16 years of age.

See Child and Family Benefits for application forms and more information on each of these programs.  

3 ways to keep the family budget friendly

Money can become a marriage breaker if either spouse disagrees on how to spend or save the family income. Here are 3 ways to get the family on the board with the budget and make money a family affair:  

1. Budget With Your Spouse: You know that budgeting is good for your finances, but it can be good for your marriage too. Setting aside some time each week to discuss money matters with your partner can help prevent financial arguments in the future. Knowing your joint costs for food, shelter, and life's necessities can help you decide as a team if you've got the cash to go on vacation.
   
2. Include the Kids: Giving the kids an allowance and making them earn the money can be a great way to teach your children about the value of a dollar. Getting them started young with their own bank accounts can help you raise financially savvy youth. If your kids understand how credit cards and loans work, chances are they won't get into trouble with plastic or face massive student debt in the future.
   
3. Build in Flexibility: Life is constantly changing so it pays to account for seasonal shifts in your budget. Besides, building a little padding can go a long way when the heating bill rises in the winter, tuition needs paying the fall, and the family wants to go on summer vacation.

Family budget planner instructions

Use this free Family Budget Planner spreadsheet to plan your family income and expenses over the year. It's easy to use -- just enter your income, list your expenses, and review your numbers. Finding places to cut costs and increase savings is a sure-fire way to balance the family books and account for life's changes.  

Your Turn: Got any family budget tips for keeping on track with your partner or for raising financially savvy kids?