Family Economics And Consumer Education 3 (2+1)

Lesson 04 : Family Income

Definitions of Family income

Family Income can be defined as money /purchasing power earned by family members during specific period of time plus goods and services received or created in that time by the family-goods like vegetables from kitchen gardens, services like teaching children , doing household chores etc (Varghese et al).
According to Nickel and Dorsey “Family income is that stream of money, goods services and satisfaction that comes under the control of the family to be used by them to satisfy the needs and desires and to discharge obligations/family duties.
Income Management-
It is an organized, goals oriented system of allocating and controlling the human, economic and environmental resources to achieve the specified goals of the family.
Nickel and Dorsey define Income management as a “Planning, controlling and evaluating the use of all types of Income”. Its purpose is to get greatest satisfaction from the resource on hand. Satisfaction include three important aspects in the family

• The development of various individuals in the family.
• The increase in the group happiness
• Opportunity to contribute to civic well -being.