Management Of Family Resources

Lesson 33 : Management Of Money

Family Income

Money income of any individual family is the main material resources. Human beings have the capabilities to utilize their own knowledge, skills and abilities to work and there by earn the money for livelihood. The monetary earnings by the member of the family over a specified period is termed as “family income”. The specified period may be one day, month, year etc.

Definition :

Family income can be defined as money or purchasing power earned by family members during a specified period of time, plus the goods and services received or created in that time by the family (Varghese et. al.) .

According to Nickel and Dorsey, family income is that steam of money, goods services and satisfaction that comes under control of the family to be used by them to satisfied needs and desires and to discharge obligations.