FAMILY BUDGET
REASONS WHY HAVING A FAMILY BUDGET IS IMPORTANT
Published By Livemint
| 06 Feb, 2023
Family budget outlines the income and expenditure of a family
It helps families track their money better by analyzing their spending and making necessary adjustments
Facilitate goal-setting and help you save for future expenses, such as vacations, education
Ensure that you live within your means and do not spend more than you earn
Helps in dealing with emergencies by creating an emergency corpus that can be used during a crisis
Helps in retirement planning by deciding the amount of money needed for future years
Prioritize your spending so you can allocate funds to necessary expenses, like housing, food etc