TLE - Allocation of Family Income and Expenses

Income

Refers to monetary payment received by family members for the goods and services rendered

Expense

Refers to the money paid by the family for goods and services that they get

Food

Gets the biggest share

Clothing

An item that you do not need to buy everyday

Shelter

Allocation for home repair, home improvement, and real state tax must also be set aside

Education

Can be taken from savings or emergency funds

Utilities

Paid on a monthly basis

Household Operations

Allocated for parents who stays at home or your house helper

Medical and Dental Care

Expenses for medical and dental appointment and the medicines needed by the family

Rest and Recreation

Refers to activities that provide relaxation and entertainment

Savings

Separate amount of money that is set aside for emergency purposes or allotted for something to be bought in the future

Social and Moral Obligations

Allocating budget for the family who attends personal events like birthday, anniversaries, etc