Planning of a family budget involves some specific steps. They have to be followed properly to make the budget useful in taking decisions regarding the income and expenditure management of a family.
The following chart indicates the steps involved in preparing the family budget.
The other aspects of family budget:
Factors affecting the budget: These include income of the family, size of the family, composition of the family, occupation of the family, intercity difference in cost of living, family goals, and socio-economic status of the family and gainful employment of homemaker.
Limitations of the family budget:
These various aspects involved in making of the family budget have been discussed in the chapter.
Participants