The family's salary or monthly income enables them to meet their basic needs, such as buying

food and shelter and paying for healthcare. Meeting these needs is critical, and if they do not
have enough money to do so, their personal well-being will suffer greatly (Can Money Buy
Happiness?, n.d.). The family income determines the home budget. Even if a bigger household
income gives them access to more pleasures and flexibility, it's crucial to maintain a budget that
accounts for all of their requirements, saves, and wants. That is why budgeting is essential for a
family's financial stability since it ensures that common expenses such as rent, tuition, student
loans, credit card bills, and entertainment can be paid. It is a rough estimate of a family's
income and expenses over a specific time period, such as a week, a month, or a year. Budgeting
is similar to dieting. It is a family's financial plan for future expenditure. The primary goal of a
family budget is to determine how a family's income will be spent, used, and divided among
various types of goods, services, and savings. Budgeting ensures the family is not spending
more than what they make, allows them to plan for short- and long-term expenses. This is an
easy, helpful way for a family with all types of income and expenses to keep their finances in
order. They simply want to be able to track their income left over after all expenses to ensure
they are not falling into debt. Overall, having a budget puts every family in a position where
they are financially stable and strong enough to handle short-term and long-term financial
issues (Budgeting Tips for Students - Great Lakes, n.d.).
https://www.takingcharge.csh.umn.edu/can-money-buy-happiness#:~:text=Money
%20provides%20security%20and%20control,expenses%20or%20losing%20their%20job.
https://mygreatlakes.org/educate/knowledge-center/successful-
budgeting.html#:~:text=Budgeting%20ensures%20you're%20not,keep%20their%20finances
%20in%20order.