Components or Elements of Family Budget

• Categories of expenses to consider for personal finance management:
• Food expenses include groceries, raw and cooked food, staples, condiments, and spices
• Shelter expenses include taxes, repair, and maintenance if not renting
• Clothing expenses cover uniforms, clothes, and accessories
• Education expenses cover tuition fees, books, daily food, and transportation allowance for children
• Household operations expenses cover items needed in the house such as beddings, curtains, furniture, and other comforts for family members
• Utilities expenses include electricity, water, telephone bills, gas, and salaries of helpers
• Health expenses cover medicine and check-ups
• Recreation expenses cover family outings, outside dining, and watching movies
• Savings involve the amount set aside or deposited in the bank