1. The document classifies five types of family income: rice plantation, trip to Hong Kong as a reward, dividends, interests from deposits, and vegetable garden.
2. It provides information on budgeting and the components of a family budget, including food, shelter, clothing, education, household operations, health, recreation, and savings.
3. Sample budgets are shown allocating percentages to different items like food, education, shelter, and savings based on a family's monthly income and number of members.
1. The document classifies five types of family income: rice plantation, trip to Hong Kong as a reward, dividends, interests from deposits, and vegetable garden.
2. It provides information on budgeting and the components of a family budget, including food, shelter, clothing, education, household operations, health, recreation, and savings.
3. Sample budgets are shown allocating percentages to different items like food, education, shelter, and savings based on a family's monthly income and number of members.
1. The document classifies five types of family income: rice plantation, trip to Hong Kong as a reward, dividends, interests from deposits, and vegetable garden.
2. It provides information on budgeting and the components of a family budget, including food, shelter, clothing, education, household operations, health, recreation, and savings.
3. Sample budgets are shown allocating percentages to different items like food, education, shelter, and savings based on a family's monthly income and number of members.
1. The document classifies five types of family income: rice plantation, trip to Hong Kong as a reward, dividends, interests from deposits, and vegetable garden.
2. It provides information on budgeting and the components of a family budget, including food, shelter, clothing, education, household operations, health, recreation, and savings.
3. Sample budgets are shown allocating percentages to different items like food, education, shelter, and savings based on a family's monthly income and number of members.
according to the three types of family income: 1. Rice plantation 2. Trip to HongKong reward 3. Dividends 4. Interests from deposits 5. Vegetable garden Budget A budget is the amount of money set aside for planned expenses. It is a plan specifying how much money will be spent or allocated during a particular period. Budgeting - is related to the wise use of family resources. It is based on the system by which wages or salaries are received and how these are to be spent by itemizing the needs of the family and how much money is needed to meet such needs. Components or elements of a family budget ●Food – groceries, raw and cooked food, staples, condiments, and spices ●Shelter – if not renting, includes taxes, repair, and maintenance ●Clothing – uniforms, clothes, and accessories ●Education – tuition fees, books, daily food, transportation allowance of children ●Household operations – things needed in the house, beddings, curtains, furniture, and other paraphernalia to make members comfortable • Health – medicine, check-up • Recreation – family outings, outside dining, watching movies. • Savings – the amount set aside or deposited in the bank Allocation of Family Budget A family budget may differ from one family size and composition, family values and standards of living. Some families may spend more on food, others on clothing and still others on education. Allocation of Family Budget
Sample of Monthly Budget
Monthly Income: Php 30, 000.00 Family Members : 4 Item % of Budget Allotted Amount Food 40 Education 16 Shelter 15 Utilities 12 Household Operation 6 Clothing 3 Recreation 3 Savings 5 Total 100 How to manage family resources • Inform all theefficiently members of the family about the budget. • Make adjustments to your budget as necessary. Keep within the amount allocated for budget items. • Choose a simple lifestyle that you can sustain with your earnings. How to manage family resources efficiently • Buy only things that are needed. • Schedule your expenses. • Follow a shopping and marketing schedule. • Avoid making unscheduled, unplanned purchases especially at a store you are not familiar with. How to manage family resources efficiently ●Teach the children to spend their allowance wisely. ●Conserve energy and other utilities. ●Recycle or reuse materials. ●Repair appliances and furniture as needed. How to manage family resources efficiently • Take good care of your belongings. • Buy products that are of good quality and reasonable price. • Develop the habit of walking short distances.