Management Of Family Resources

Lesson 37 : Management Process Applied To Budgeting

Introduction

Making a budget or a spending plan is the significant step in improving the financial management of a family. The formulation of financial plan or a budget is usually related to the standard of living of a family. The most important point to be remembered by every family is that the amount assigned to each category of expenditures in the budget should not add up to more than 100 percent of the spendable income. The budget has to be carefully planned to avoid over burdening to the income earner in the family.