Sunday, April 18, 2010

The Needs and Demands of Family

A good spending plan has clearly defined goals. Family needs muse be studied carefully when budgeting needs that are basics are those which the family must have in order to live such as food clothing and shelter. Needs should be satisfied first before demands. Some demands can be the result of influences from outside the family causes an individual to wish to passes something.

Wants, desires or demands unlike basics. needs, many may be set aside particularly when money is not available. New clothes, a vacation or a colored T.V, for ex. can wait until the family can afford these. Budget priorities should be determined in order that income may be properly distributed to provide for items in the need list.

To determine how much should be alternated for each item the following pointers are suggested.

1. Family income

2. Considering priorities

3. Tracking Expenditures

4. Adjusting the budget

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