Management Of Family Resources

Lesson 34 : System For Money Management By Families

Management Of Family Income

Budgeting is considering as the important aspect of Management of money. “A budget is a plan for spending and saving the money with in a given income for a specified period”. Budgeting is nothing but planning for the future or forthcoming income. After the income is received the plan is implemented and reviewed regularly for any deviation and improvement over the plan is made in the next budget. Coordinating while implementing the plan is essential to balance the income and expenditure of the family.

It will be studied in next chapter. Depending upon the type of profession or the income earning source and the periodicity of getting income profiles can be understood. Accordingly the home maker can plan the management of the family income.