BUDGETING FAMILY

RESOURCES
 Spending the family income is one
important aspect of home
management.

The general welfare of the family is

affected to a great extent by the ability of
the members to manage their income.

Good income management will bring about

satisfaction and a sense of
accomplishments to every member.
Importance of a Family
Budget
Planning expenses enables one to
establish priorities.

Budgeting within one’s income is one of

the most important things in home
management and in maintaining a
happy, satisfying family life.
 Elements of a Family Budget

Income
Goals
A family budget differs from
one family to the other.

Expenses Savings
Components of a family budget:

1. Food

This item has the biggest

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share in the family income
since the health and life of
the family depends on it.
2. Shelter
To protect the family from the
harsh elements of nature and
dangerous elements in the
environment, a house is
needed. Owning or renting a
house will greatly determine
the amount spent by the
family on this item.
3. Clothing
The budget for this item
will highly depend on the
age, type of activity or
occupation and lifestyle of
family members.
4. Education/Advancement
The budget for this item
will depend on the goals
of the family. Education
has been a goal to most
families and most of the
time, parents sacrifice
other needs just so this
item can be met.
5. Health Needs
It follows that when
members of the family
are sickly, more money
is spent on medicines,
vitamins, hospitalization
and doctor’s fees.
6. Maintenance Expenses
Bills for electricity,
water, and fuel are
included in this item.
Household repairs and
cleaning materials and
implements are also
included here.
7. Miscellaneous Expenses
Although, the family can
forgo this item, it helps
promote happiness, comfort
and satisfaction among
members. This includes
recreational activities like
movies, television, travel,
toys and electronic gadgets.
8. Savings
This should be part of the budget
plan. This item can be in the form of
investments, insurance, pre-need
plans or bank savings. If the family
can put aside 10% of their income
every month, then this can answer
for any emergency need or
unforeseen expenses of the family.
Budgeting the family income

Steps to be
followed:

1 Consider the family goals.

Know how much money is included

2 to achieve the set goals.

Identify and list down all the items that

3 should be included in the budget. Stick
To the “first thing first” policy.
Budgeting the family income

Steps to be
followed:

4 Allocate the money for all

items.

5 Assess the output of the budget

process undertaken.
 Sample Monthly Family Budget

Family Goal: Buy a new TV set

Number of family members:

4 (father, mother and two high
school boy and girl)
 Evaluation of the Family Budget

After each monthly budget,

the family budget should be
checked if there is balance
between expenditures and
income. The form in the
right side can serve as a
guide in evaluating your
family budget.
THANK YOU