Procedures in preparing a family budget - JSS3 Home economics Lesson Note
- List all the goods and services needed by the family throughout the proposed budget period.
- Place them in order of priority or importance to the family.
- Make an estimate of the cost of each need.
- Estimate the total expected income for the planned period.
- Bring expected income and expenditure into balance. Expenditure should not be more than income.
- Review the budget to ensure that it is likely to work.