Management Of Family Resources

Lesson 35 : Family Income Management

Classification Of Family Income

Total income:

Total income consists of money income, real income, and in addition, that part of money income which has not been turned into economic goods, and so is not a part of real income. This additional money income may be assigned to three different uses.

1. Payment of taxes,
2. Savings for the future, or
3. Gifts to persons outside the family.