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Household Budgeting

Household Budgeting. Household Budgeting. A budget is a plan of our expected income and expected expenditure for a particular period. Household Budgeting. Preparing a household budget helps us to: Make sure we have enough money available to pay bills when they are due.

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Household Budgeting

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  1. 3 Household Budgeting

  2. Household Budgeting 3 • A budget is a plan of our expected income and expected expenditure for a particular period.

  3. Household Budgeting 3 • Preparing a household budget helps us to: • Make sure we have enough money available to pay bills when they are due. • “Live within our means”. • Know which months will have a lot of bills coming in.

  4. Household Budgeting 3 • Preparing a household budget for the Russell Family for the four months January to April: • Enter the expected income for each month and show the total for the four months. • Enter the expected fixed expenditure for each month and show the total for the four months. • Enter the expected irregular expenditure for each month and show the total for the four months. • Enter the expected discretionary expenditure for each month and show the total for the four months.

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  22. Household Budgeting 3 • Our “net cash” each month is the difference between our planned income and our planned expenditure for that month. • The amount of money we have left at the end of each month is called our “closing cash”. • Closing cash is found by adding our “opening cash” to our “net cash” each month. • The opening cash each month is the closing cash from the previous month.

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