What are factors influencing food budgeting? Prepare a step wise monthly food budget of your home kitchen.
Factors Affecting the Budget
Family budget is influenced by
Income of the Family
Size of the Family
Composition of the Family
Occupation of the Family members
Intercity Differences
Family Goals
Socio-economic Status of the Family
Gainful Employment
Poor families have very low income; hence they spend most or all of their income on basic necessities. Basic necessities include food, clothing and shelter. However when income of the family increases the proportionate amount of income spent on basic needs and wants will diminish simultaneously the amount of income spent on higher level of wants increases and saving will be more.
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