Management Of Family Resources

Lesson 35 : Family Income Management

Definitions

Family Income:

Family Income is that stream of money, goods, services and satisfactions that come under the control of family to be used by them to satisfy needs and desires and to discharge obligation (Nickel and Dorsey).

Income management is an organized, goal oriented system of allocating and controlling human, economic and environmental resources to achieve specific goals. Nickel and Dorsey (1967) defined income management as ‘planning, controlling and evaluating’ the use of all types of income. Its purpose is to get greatest satisfaction from the resources at hand. Satisfaction includes three important aspects-namely

• The development of the various individuals in the family.
• The furthering of the group happiness.
• The opportunities to contribute to civic well being.