Do we need to create a budget for family financial ?

It's always good to have a budget for your family .. but is it required to obtain a home loan? No.

Hi bonyaja!

Yes, its important to have a budget for your family. You can consult a reputed financial adviser and get a budget drawn for yourself and your family. However as "bearboysj" has said budget is not necessary to get a home loan.

Thanks.

If you are experiencing some financial issues, then it is absolutely necessary to create one. A family budget will help you and your family work with what you and your spouse earn and you will be able to get the help that you both need from your children. Always discuss your family budget with your children so that they can cooperate well and know what they need to do in order to stay within the budget. During this time, it would always be best to monitor your credit score. In this way, you can keep track of your finances and focus on your family's goals much better.