Yes, it is a good idea to start a household monthly budget. A budget is a good way to plan how to spend your money. With a budget, you will have a better idea of where money is going, and how much. Make a list of all monthly expenses. Write where money is owed, and how much is paid per month. Expenses can be utilities, mortgage/rent, credit cards, loans, household items such as food, cleaning products, and personal items, spending money, money saved, etc. Expenses can be categorized into fixed expenses (necessities) such as utilities and mortgage, and non-essential expenses such as extra spending money. After making a list of expenses, you may even find there is money left over to be saved or invested.

The point of a budget is to give you more power over your spending habits.

Yes, having a personal budget is really necessary and important. It may seem like a drag but it is important that you know how you're spending your money and how much you save. If have control over your spending you can save a lot and improve your credit score in the process as well as have enough money for emergencies.
Having a personal budget will help you set goals that excite and inspire you to stay on your spending plan. When you have goals in place, the monthly saving required for it is entered into the budget.
You can also track your spending habits through budgeting. You can then identify ways to decrease expenses. Tracking your monthly expenses can help you look at the true cost of small and large expenditures. You can then decide what expenses you need to priorities and which need to be eliminated or cut down.
Ideally, you income should always exceed your expenses and the excess should be placed in savings. If your notice that your expenses exceeds your income then you can do some changes in your spending habits so that you will have more income compared to expenses.

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