WHY SOME MOTHER SPEND THIER TIME IN EARNING A LIVING TOGETHER WITH THE FATHER? WHAT DO YOU MEAN BY LIFESTYLE CHANGE?
- From home entered life to life practically spent outside the house. Family now a days spend more time and activities outside the home. As a result family income become bigger and so are family expenses. No matter how big or small the family income is , the importance is to make both ends meet. That's why mother needs to work together with the father of the family, to balance the income and expenditures of the family.
BUDGET
- MOST EFFECTIVE WAY TO HANDLE MONEY
-a list of items that one plans to spend in a given time, given income or amount.
- it is a plan for spending and also plan for saving and spending for the future
IMPORTANCE OF A BUDGET
1. Balance your income and your expenditures
2. Give a feeling of comfort and satisfaction knowing your income is enough for the expenses of your family
3. Enable the family to list down their needs and wants
4. Give family a full and better life
5. Have a constant reminder that you are in control of family finances
TYPES OF SPENDING
1. SPENDING FOR COMFORTABLE LIVING
- spending money for basic items that one needs from day to day like foods, clothing, transportation
2. SPENDING FOR MAJOR PURCHASES-
- spending money for personal budget like buying new gadgets
3. SPENDING FOR SAVINGS
- spending that is rewarding bec. one is assured of extra cash in the future espc. in time of emergency .
4. SPLURGE SPENDING
-pending for fun ad satisfaction
FACTORS AFFECTING FAMILY BUDGET
1. AMOUNT OF INCOME
- the higher the income of the family the greater the amount the family members can spend for their needs and wants
2. SIZE AND COMPOSITION OF THE FAMILY
- the more family members are there, the bigger amount of income is spent on food, schooling , clothing and for their basic needs.
3. VALUES OF THE FAMILY
- what does the family consider most important in the budget?
- it pertains to the priorities on what to spend their money for.
4. NEEDS AND WANTS OF THE FAMILY
- spending for the important for the comfortable living vs. spending what most families want to buy
- remember prioritise the needs of the family before the wants.
NEEDS
- are materials which the family members need to survive on day to day basis
WANTS
- materials that the family members desire to have
STEPS IN MAKING BUDGET
1. Know your income or allowance for definite period of time
2. Make a list of expenses
3. Determine the amount to be spent on fixed and flexible expenses.
4. Add expenses for the 2 categories
5. Check on the figure to find out if you are spending the right amount where you need to.
6. Do your total expenses balance with your income.
CLASSIFICATION OF EXPENSES
1. FIXED EXPENSES
- expenses that are set aside for daily expenses of family for food, transportation, allowance and others
2. FLEXIBLE EXPENSES
- amount may be increase or decrease depending on the money available. example: clothing, gifts , recreation
3. OCCASIONAL AND EMERGENCY EXPENSES
- amount may be considered s form of savings for health and emergency espenses and special occasions
Answers & Comments
Answer:
9.)A.Spending for comfortable living
Explanation:
WHY SOME MOTHER SPEND THIER TIME IN EARNING A LIVING TOGETHER WITH THE FATHER? WHAT DO YOU MEAN BY LIFESTYLE CHANGE?
- From home entered life to life practically spent outside the house. Family now a days spend more time and activities outside the home. As a result family income become bigger and so are family expenses. No matter how big or small the family income is , the importance is to make both ends meet. That's why mother needs to work together with the father of the family, to balance the income and expenditures of the family.
BUDGET
- MOST EFFECTIVE WAY TO HANDLE MONEY
-a list of items that one plans to spend in a given time, given income or amount.
- it is a plan for spending and also plan for saving and spending for the future
IMPORTANCE OF A BUDGET
1. Balance your income and your expenditures
2. Give a feeling of comfort and satisfaction knowing your income is enough for the expenses of your family
3. Enable the family to list down their needs and wants
4. Give family a full and better life
5. Have a constant reminder that you are in control of family finances
TYPES OF SPENDING
1. SPENDING FOR COMFORTABLE LIVING
- spending money for basic items that one needs from day to day like foods, clothing, transportation
2. SPENDING FOR MAJOR PURCHASES-
- spending money for personal budget like buying new gadgets
3. SPENDING FOR SAVINGS
- spending that is rewarding bec. one is assured of extra cash in the future espc. in time of emergency .
4. SPLURGE SPENDING
-pending for fun ad satisfaction
FACTORS AFFECTING FAMILY BUDGET
1. AMOUNT OF INCOME
- the higher the income of the family the greater the amount the family members can spend for their needs and wants
2. SIZE AND COMPOSITION OF THE FAMILY
- the more family members are there, the bigger amount of income is spent on food, schooling , clothing and for their basic needs.
3. VALUES OF THE FAMILY
- what does the family consider most important in the budget?
- it pertains to the priorities on what to spend their money for.
4. NEEDS AND WANTS OF THE FAMILY
- spending for the important for the comfortable living vs. spending what most families want to buy
- remember prioritise the needs of the family before the wants.
NEEDS
- are materials which the family members need to survive on day to day basis
WANTS
- materials that the family members desire to have
STEPS IN MAKING BUDGET
1. Know your income or allowance for definite period of time
2. Make a list of expenses
3. Determine the amount to be spent on fixed and flexible expenses.
4. Add expenses for the 2 categories
5. Check on the figure to find out if you are spending the right amount where you need to.
6. Do your total expenses balance with your income.
CLASSIFICATION OF EXPENSES
1. FIXED EXPENSES
- expenses that are set aside for daily expenses of family for food, transportation, allowance and others
2. FLEXIBLE EXPENSES
- amount may be increase or decrease depending on the money available. example: clothing, gifts , recreation
3. OCCASIONAL AND EMERGENCY EXPENSES
- amount may be considered s form of savings for health and emergency espenses and special occasions