Management Of Family Resources

Lesson 35 : Family Income Management

Classification Of Family Income

Psychic income:

It is the flow of satisfaction that arises out of our every day experiences, derived largely from the use of money and real income. It is intangible and subjective but is the most important income of all in terms of quality of living. Although the amount of money income for most families is based mainly on the earning capacity of its members, the quantity of real and psychic income depends largely on the skill that is exercised in management of daily living.

On the whole income management is a family responsibility which can cause considerable tension and much worry and results in unhappiness. On the other hand, satisfaction and accomplishment for each member of the family can be realized throughout life if income is managed with thoughtful patience, justice and understanding of needs.