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WEEK 1
SUBJECT: FOOD AND NUTRITION
CONTENTS:
- The Family budgeting.
- Factors Influencing family budgeting.
- Food budget.
Sub Topic 1: The Family budgeting.
BUDGETING: it is the act of planning how to spend the net income in such a way that individual concerned will not run into any financial embarrassment before the next income. It is the process whereby all the expenses to be made are listed and the cost known.
Definition of terms:
INCOME: It is the amount of money which comes in at regular intervals. It can be in form of assets, shares, investment, royalties, commissions, rents, salaries, etc
Income is divided into gross income and net income.
Gross income: it is the sum total of the money from the various sources without any deduction.
Net income: it is the actual amount received after all the compulsory deductions such as tax, levies, etc. have been made, and thus the net income is always smaller. It is net income that is available for spending.
Expenditure: it is the total amount of money that goes out of the income of an individual or group to meet their various needs within a period of time.
FAMILY NEEDS: These are categorised into primary or basic needs and secondary needs.
Primary needs: These are needs that the family cannot do without or postpone. They are food, shelter (house rent), clothing and health care. These needs are very essential for human existence.
Secondary needs: These are needs that are considered after the primary needs are made. They vary among different families and are determined by the socio-economic state of the family. These are needs the family can do without. Examples of secondary needs are education, transport, electricity bills, savings, entertainment and personal expenses.
Sub Topic 2: FACTORS INFLUENCING FAMILY BUDGETING
- Availability of income: The money available determines what the family budget for family budget should be determined by their income
- Family composition/needs: The number of people as well as sex and age has influence on family budget. E.g. the demand on family income is much during expanding stage, child bearing, training and education.
- Locality: The location of the family affects budgets and expenditures as prices of things vary from place to place.
- Seasons of the year: Food stuffs when in season are cheaper than when they are out of season.
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