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The earnings of an individual in form of money represent his capability to fulfill the wishes. The family or an individual uses it to derive the best of health and happiness by the expenditure on daily living. The accumulated wealth hence form basis for the future health and happiness of the family or an individual. Besides this, the manner in which money was spent on recreation, food, clothing, or anything else will be economical if purchasing of the articles is done in a planned manner by wise distribution of our money resources among different needs. This money plan is called a budget.
The term budget has been derived from French word ‘ bougette ’ which means purse. It is normally a record of all planned expenses and incomes i.e., a plan for saving and expenditure. It is thus most essential and effective financial management tool available to everyone. It enables one to organize and control one’s financial resources, fix and realize purpose, and decide ahead of time how the money will help in its accomplishment. Therefore, fundamental thought behind preparation of budget is to save money for both known and unknown expenses.
A clothing budget is the detailed plan of the use of money resources for procuring clothes of an individual or a family. For this one must know what clothing items are required by different member of the family and whose need is more immediate for which the available finances could be utilized at the best. It is also called as an "estimate", as applied to the expenditure of the family or the individual since the value of different products may exceed or be less than what was planned.
Clothing is one of the most complicated items of the budget, not in making a decision on the sum of money to be spent, but in using that money to avail the best benefits. This is because of the fact that the primary purpose of clothing, to protect the body, has been masked by the two secondary purposes, adornment and social conformation.
The clothing expenditure involves the net cost of clothing and cost of its care (washing / dry cleaning / ironing) and repair. The efficiency in clothing expenditure can be calculated by adding up the total cost of clothing items divided by the number of times it is worn by the owner of wear.
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