Income management of the family has to be proceeded by awareness of the goals-both short term and long term about the family’s needs. It is necessary to plan and control family funds. High quality of living is possible only with intelligent use of all resources. The family can set proper goals in this regard with the help of proper information which can be obtained through books and pamphlets on income management expenditure studies, guide budgets etc.
In income management of the family one should be guided by an objects, in emotional and mature facing of daily finance problems, the cycle of income flows into the family should be broken up into shorter or longer periods marked by days, weeks, months or a life time.
A period may also be based on various stages and sub stages in the life cycle of the family viz early school age of the children, the college period, or reduction in family size or the retirement of the father from business or service.
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