2. BUDGET – is a plan of how the family income should be spent.
FAMILY BUDGET – reflects the priorities of needs and wants of a particular family.
1. mortgage or rent payments for a home or a car;
2. life insurance and local taxes if any;
3. bills for utilities such as electricity, gas, water and phone.
4. loan payments of some home furnishings bought in instalment, if any.
EXAMPLES OF A FAMILY EXPENSES
3. 1. Prepare a checklist of your family’s budget.
2. Estimate your cash income for a certain period of time.
3. Estimate your cash income for a certain period ending. It can be your total
expenses for a week, a month or a year.
4. Set up a budget..
STEPS IN PLANNING A BUDGET
4. FOOD – money you spent on what you eat during recess or lunch in school.
TRANSPORTATION – fares for MRT, LRT, tricycles or jeepneys among other
SAVINGS – money saved from allowance.
CLOTHING – its your needs and wants.
ENTERTAINMENT – movies, magazines, batteries, cellular phone loads,
among others.
TYPICAL STUDENTS SPENDING INCLUDE:
