Managing the

Family Income
and Budgeting
Learning to manage the income is one of the important roles we must all
learn in life.

The proper management of the home is all about how family members
utilize their material and non-material resources.
While developing each one’s interest and making use of their capabilities.
Using family resources wisely and prudently will help attain goals for a
better home life. But how is it done? How cam every member of the family
contribute to the effort? How can every member of the family contribute to
the effort? What roles do the younger members of the family play in home
management?
The Home serves as the workshop where useful skills are honed. Positive
attitudes and values are developed, and good habits are formed. Young
children must star learning how they can help to the older members of the
family by being given simple tasks. It is how one begins to learn the
importance of taking responsibility, and how one’s actions affect the other
people.
Budgeting is a guide on how to allocate ones income and resources so that
these needs are met. A specifict portion of the family income is set aside
for basic necessites while another portion is set aside to finance special
needs. Extra income is set aside as savings or to buy the things we want
as a reward for the hardwork. These can be a toy, a watch, or a new
phone. Certain categories may be increased or decreased in a location
depending on the urgent needs of the family.
Basic and Social Needs
Our needs and wants motivate us to work hard. They encourage and
inspire us to get involved in productive endeavors that will help provide
not just for the basic and social needs of the family, but also to have extra
money to indulge in things we enjoy.

Basic needs are things required by people to be able to survive. These

include sufficient food, decent clothing, secure shelter, clean air, and safe
drink water. Every person needs these things for health and security.
Social needs, on the other hand, are those that help us feel a sense of
belonging and aceptance. These can be anything from education, sports,
celebrations, travel, leisure , and the like. We need these things for
fulfillment, esteem, and self-actualization.
 Home Management
Home Management is part of a family life. It is all about managing the
family resources so that the needs and wants of each member is met and
satisfied. Parents are not the only ones with responsibility for managing
the home. Everyone must be aware of their duties and role in this
endeavor.
 Family Resources
A family’s resources include anything tangible or intangible that helps
provide for the needs of its members. Like any other resources, this are
limited and family members need to work to sustain them.

Types of Family Resources

1. Human Resources
Every able-bodied member of the family is considered an
important human resources. People who can contribute their
time, effort, talents, skills, strength and expertise id considered
part of the family’s human resources.
2. Material resources
Tangible assets such as house and lot, furniture and
appliances, jewelry, automobiles, and cash are referred to as
the family's material resources.
Every family must invest wisely in material resources, making
sure that they consider quality, durability, and appreciation
value when choosing what to purchase.

Real Estate properties and jewelry usually increase in value

over time while the value of furniture, appliances, and
automobiles depreciate or go down as they get old and worn
out.

Non-Monetary materials resources are valuable materials

include plants and equipments.
Real Estate Properties Jewelries

Furniture
Appliances
Budgeting
There are many ways by which a family can effectively budget
their resources. It is important to set the family goals and
priorities and budget available resources based on these. For
example, if education is a priority, a bigger chunk of the budget
should be allocated to this however, it is important to revisit goals
and priorities every soften, as these change over time.

1. Discuss goals and priorities with family members so that they

will understand and cooperate with how resources are budgeted
and allocated

2. Family members should help to stick to the budget and avoid

overspending

3. Children should know also how to spend their allowance

according to their needs. They also have to be taught and trained .

4. As much as possible, save water, energy, and other items that

cost money.
Below is an example of how a family divides
the family resources for their needs.
 Try this
In your note book draw a two-column
my needs and the second column my
wants then list down the items you
spend on in proper column .do you
spend a lot on necessities or do you
spend more on things you want but do
not really need.

Represented by group 3 ;
Elyana star F. arriola
Hannah nicole gregorio
Mayven michio F. cruz
Louie manuel
Edmon d. atuli