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what is budget?
why do we need to budget the income of the family?
what are the basic considerations in making a family budget?
which do you think should be prioritize?​

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What is budget?

  • A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money.

Why do we need to budget the income of the family?

  • A family budget is essential to managing your money. That's because a family budget helps you: ... save money for the things you like but can live without – these are your wants. set aside money for unforeseen expenses – for example, if your car breaks down and needs repairs.

What are the basic considerations in making a family budget?

Here are some simple steps to create and maintain a household budget.

  • Determine your income. The first step toward planning your budget is to determine exactly how much money you have coming in.
  • Subtract your fixed spending.
  • Decide on a savings goal.
  • Manage debt.
  • Track variable spending.

Which do you think should be prioritize?

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