7. It takes place when the total
income is more than its total
expenditure.
8. It takes place when the total
income of the family is lesser
than total expenditure.
9. It takes place when total income of the
family is equal to total expenditure.
It maintains the balance
between income and
expenditure of the
family.
10. Some points to remember :-
• Your budget should be tailored as per your
needs.
• Saving is necessary element of budget to
overcome unexpected events.
• Don’t panic, if your expenses exceed the
income. Revise your budget by reducing
expenses.
• The budget should be reviewed from time
to time.
11. 1) Protects individuals from getting
into financial problems.
2) Brings economic stability in life, if
money is managed efficiently.
12. Budgeting is the basic step of
financial planning for happiness
in life.
Happy Life
13. 3 steps to Happy life :
1) Remain away from worries
and tensions.
2)Be stress free.
3)Maintaining your Budget.
