Lesson 96-Family Budgeting

*Budget-a plan of expenditures versus income.
Factors to Consider in Budgeting:
1. Size of the family
2. Family income
3. Family needs
4. The place where the family lives
*Operational Budget-plan of expenses of the family in providing their needs without debts.
Composition of Operational Budget:
1. Food
2. Shelter
3. Clothing
4. Education
5. Household Expenses-helpers
6. Utilities-water,electricity,telephone
7. Medical & Dental Care
8. Recreations & Entertainment
9. Savings-future plan
*Needs-important
*Demands-wants that can be set aside