Most families complain that their income is insufficient to meet all the needs of the family.in this chapter you will learn about skills to help you to understand and manage family income.
Your perents' contribution is often priceless and usually includes:
All these task are costly in terms of time,energy and money.When you and other family members help,you are sharing the cost of labour.
Their are some other task that you are expected to do every day:
When you perform these tasks you are contributing to the upkeep of your home and the well been of your family.You are therefore sharing the labour costs of the home.
It is important to think not only of what you want,but also about the comforts and feelings others.Remember,by helping you dividing the labour and sharing the cost of living.
Balancing income and expenditure
income is money that is paid to a worker in exchange for labour.Money used for perchasing necessities come from income.In others both parent do. Sometimes, other members of the family also work and everyone contributes to the overall family income.This is most helpful in large families of little means.
Expenditure
the money spent by a family is called expenditure.
Remember:
family expenditure should never be greater then family income
expenditure and savings should balance income
family income is budgeted correctly when expenditure and savings balance.
source of income
These are several forms of income
seasonal income.
When workers are employed in agriculture where crops such as sugar are cultivated seasonally,they are employed only part of the year.This form of income is seasonal.
Fluctuating income.
Many workers carry on their own small businesses such as growing vegetables and fruit to sell to sell in the local or town market,or making items such as straw baskets, hats and shell jewellery, mainly for the tourist market. Income comes from these different sources at virous times and is therefore said to be fluctuating.Usually,most members of the family contribute in some way to many of these projects.
Constant income. where employment is permanent, income is also constant.it is therefore much easier to budget.
Being able to manage your own income is very important. A good place to start to do this is at school, where can learn to manage your pocket and lunch money sensibly.
Budgeting
is a method of money management that help you to control the spending of income.A budget is a plan you put in place for spending your in come. Some factors can cause your monthly expenditure to change:
festive time like Christmas,Carnival or Divali
the reopening of school
occasions such as weddings,funerals,births of family members
illness involving doctors visits or hospitalization.
It is always wise to be prepared for those occasions by economizing during the months leading up to a know event.To allow for unexpeted occurrences,you should include a regular amount in the budget as 'miscellaneous'.However,there areas in a budget plan that remain constant:
rents/mortgages
school fee-where applicable.
These are fixed expenditure and should be attended to promptly.
Keeping records or accounts of all income and expenditure is very important.They you to see:
the source of the income
on what items the income was spent
totals and balancers
where adjustments can be made.
Sharing the cost of labour at home.
have you ever stopped to consider what a disorganized world this would be if everyone tried to do everything without any assistance from anyone else? In every family,This ensures the smooth and efficient running of a home.Your perents' contribution is often priceless and usually includes:
- Managing the household
- Providing love,affection and security
- Preparing meals
- Attending to the laundry.
All these task are costly in terms of time,energy and money.When you and other family members help,you are sharing the cost of labour.
Their are some other task that you are expected to do every day:
- Empty the garbage
- Clean the yard
- Wash the dishes
- Tidy your room.
When you perform these tasks you are contributing to the upkeep of your home and the well been of your family.You are therefore sharing the labour costs of the home.
It is important to think not only of what you want,but also about the comforts and feelings others.Remember,by helping you dividing the labour and sharing the cost of living.
Balancing income and expenditure
income is money that is paid to a worker in exchange for labour.Money used for perchasing necessities come from income.In others both parent do. Sometimes, other members of the family also work and everyone contributes to the overall family income.This is most helpful in large families of little means.
Expenditure
the money spent by a family is called expenditure.
Remember:
family expenditure should never be greater then family income
expenditure and savings should balance income
family income is budgeted correctly when expenditure and savings balance.
source of income
These are several forms of income
seasonal income.
When workers are employed in agriculture where crops such as sugar are cultivated seasonally,they are employed only part of the year.This form of income is seasonal.
Fluctuating income.
Many workers carry on their own small businesses such as growing vegetables and fruit to sell to sell in the local or town market,or making items such as straw baskets, hats and shell jewellery, mainly for the tourist market. Income comes from these different sources at virous times and is therefore said to be fluctuating.Usually,most members of the family contribute in some way to many of these projects.
Constant income. where employment is permanent, income is also constant.it is therefore much easier to budget.
Being able to manage your own income is very important. A good place to start to do this is at school, where can learn to manage your pocket and lunch money sensibly.
Budgeting
is a method of money management that help you to control the spending of income.A budget is a plan you put in place for spending your in come. Some factors can cause your monthly expenditure to change:
festive time like Christmas,Carnival or Divali
the reopening of school
occasions such as weddings,funerals,births of family members
illness involving doctors visits or hospitalization.
It is always wise to be prepared for those occasions by economizing during the months leading up to a know event.To allow for unexpeted occurrences,you should include a regular amount in the budget as 'miscellaneous'.However,there areas in a budget plan that remain constant:
rents/mortgages
school fee-where applicable.
These are fixed expenditure and should be attended to promptly.
Keeping records or accounts of all income and expenditure is very important.They you to see:
the source of the income
on what items the income was spent
totals and balancers
where adjustments can be made.
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