Family resources are the means that can be used by the family to cope with difficult situations; these include social, cultural, religious, economic and medical resources.
Components of a Family Budget
Housing (rent or mortgage costs)
Household expenses (groceries; clothing)
Transportation (car payments, gas for the car, public transit)
Insurance (for the house, the car and life insurance)
Medical and health (prescriptions; doctor's appointments)
Detailed income sources were aggregated into five broad categories: Employment (wages and salaries), Self-employment (self-employment and farm), Property (dividends, interest, and rents), Transfer (alimony, child-support, worker's compensation, education, financial assistance, public assistance and welfare, retirement, .
The basic rule is to divide up after-tax income and allocate it to spend: 50% on needs, 30% on wants, and socking away 20% to savings.
In order to achieve the family goals it is essential to learn to manage the finance, which is prerequisite to all household activities. Family income management enables the family members to know, understand and spend the money earned and also to plan saving for the future.
