Wage- Is the money amount receive daily for rendering service. Received by unskilled semiskilled, and skilled workers or blue-collar workers. A salary is the amount of money received monthly by professionals or white-collar workers.
IN ADDITION TO WAGES OR SALARIES, SOME FAMILIES HAVE OTHER SOURCE OF INCOME THIS INCLUDE THE FOLLOWING:
1. Dividends from investments in bonds & stock.
2. Gifts from relatives & friends.
4. Rentals from apartments, jeeps, carabaos, and other properties. 5. Interests from bank deposit.
6. Sales from goods produced in backyard, gardens, poultry, piggeries, and the like. 7. Royalty from the books and the like.
8. Pension from retirement.
9. Sale of properties.
10.Prizes from raffles and sweepstakes.
Money is not the only form of income in the family there other forms such as good services are called real income. While that which comes in the form of satisfaction is called Psychic income.
Not all times of real income are in the forms of goods received by te family. One type comes in the form of service rendered by the members of the family augment the money income.
Psychic income comes in the form of satisfaction. This is the most important income received by the family. Good children give satisfaction to their connection with their study or daily activities in and out of the home. Comfortable home & good education and recreation are some of their needs. The process by planning, organizing, controlling and evaluating use of the sources to satisfy the family needs and desire is called income management.
The 1st step in income management is planning this step involved organizing or prioritizing. The needs of the different members of the family it should keep all the members well fed, adequately clothed. and comfortably house. With necessary attention to health recreation & education.
The next step is the execution of the plan controlling is...