Introduction to Personal Budgeting
Families and households are one of the fundamental elements of an economic system. People in families work, earn, spend and save money. Earning an income and consumption of goods and services are an integral part of household economics. People consume goods and services to satisfy their multiple needs and wants. Consumption expenditure of a family / household is the value of the goods and services consumed. On the other side household income, is an on-going flow of economic resources received from legitimate sources. It includes money received through employment, as profit from business activity, by ownership of property, or as a ...