Define budget ? Discuss any 2 advantages of making family budget?
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A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money.
advantages of making family budget :
1. A budget determines how a family can use all its resources. Budget is very helpful where there is scarcity of money.
2. By budget we can identify the unnecessary and extravagant expenditure.
3. Budget can help to save for future.
4. Budget helps in the distribution and proper allocation of income for expenditure on different items according to the requirement of family members.
5. It serves as a financial guide of the family.
6. Since all the members of the family work together for the planning of a budget, it induces a sense of co-operation among them.