The Budget

My Budget

Name: unknown
Grade: 94
Subject: Social Studies
Date: March 2, 2012.

Acknowledgement
The successful completion of this project would not have been possible without the assistance of a number of people. I am heartily thankful to God for giving me the strength and knowledge to complete this project. I am also very thankful to my family whose encouragement guidance and support helped me a lot during the process of this project. Finally special thanks   to my teacher who guided my way throughout this project.

What is a budget?

A budget is a financial plan and a list of all planned expenses and revenues. It is a plan for saving, borrowing and spending.

Benefits of Having a Budget

  * Priorities are catered for and unnecessary wants are eliminated
  * Expenditure does not exceed income
  * Long term goals are achievable as financial planning for such expenses begins early
  * Emergencies such as sickness, death of a member or retrenchment are met from accumulated savings
  * Planning ahead to insure against risks such as fire and theft relieves worry and stress
  * A sense of discipline is engendered by sticking to a budget

Items that can typically be included in a budget
 
Rent
Electricity bill
Water bill
Insurance
Loan payments
Miscellaneous
Telephone Bill
Food

The budget
Expenditure | Total |
Savings/Partner | $8000 |
Rent | $7000 |
Electricity | $2800 |
Water rate | $1200 |
School fee (for 2 yr. old child) | $2000 |
Lunch money (for 14 yr. old child) | $3000 |
Food Supply | $8000 |
Lunch Money for Ms. Master | $5600 |
Bus/Taxi Fare | $5336 |
Total | $45000 |

Reflection

Doing this project, I showed a lot of interest in doing it. In this project I was asked to create a family budget and do some research about budget and the importance of having a budget.
I have learned many things during the course of this project. Firstly, I can now give a precise definition for budget and can... [continues]

Read full essay