Advantages of planning family budgets
Chapter 10: Financial Management and Planning · HOME SCIENCE · EN medium
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Advantages of planning family budgets Planning enables a family to take an overview of the use of their income. Amounts allocated to various categories can be studied in relation to total income. The budget helps families use their income to first attain those goals which they consider most important. Spending without a plan frequently results in wastage of income. Family members are less likely to be swayed, as they can make rational decisions which are reflective of long term goals of the family.
📖 class 11 home science ncert book chapter 10 · Page 7
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Advantages of planning family budgets Planning enables a family to take an overview of the use of their income. Amounts allocated to various categories can be studied in relation to total income. The budget helps families use their income to first attain those goals which they consider most important. Spending without a plan frequently results in wastage of income.
Family members are less likely to be swayed, as they can make rational decisions which are reflective of long term goals of the family.
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