Management Of Family Resources

Lesson 34 : System For Money Management By Families

Introduction

Rapid social and economic changes in the present-day environment require flexible patterns or models of expenditures. However, the system for managing money to achieve individually-determined goals will work for one family as well as for another and for one individual as well as another. As with the management process on which it is based, these ten steps to successful financial management depend on the quality of decision making and control for the satisfaction to be achieved. Therefore, it is important to examine each process in the system carefully and to understand the underlying concepts within each step.