What are the Factors that affect Expenditure of a Family?

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1. Sources of family income.

Income and purchasing power of the family in­creases if along with head of the family, housewife and other family members also earn.

2. Structure of the family.

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Expenditure on house, kitchen, etc. per member is less in a joint family as compared to a nuclear family.

3. Size of family.

Expenditure on educa­tion, food and clothing is more in a large family.

4. Age of family members.

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School or col­lege- going children spend more on books, fees, uniform, etc.

5. Standard of living.

The higher the level of living standard of a family, the more is the expenditure.

6. Residence.

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Families residing in urban areas spend more than families residing in rural areas.

7. Family traditions.

Certain families have more faith in certain social and reli­gious traditions and sometime spend lav­ishly on these traditions.

8. Available resources.

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Proposed expendi­ture can be reduced by utilising the hu­man resources, for example, expenditure on education can be reduced by teaching the child at home instead of arranging tu­itions.

For best utilization of income, people should make budget. “Budget is a ten estimate of a family’s income and ex pen over fixed period of time”

It we spend according to our budget proposed expenditure can be less Thai estimated income and some money i saved.

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