What are the components of a family budget

Question

income, expenses, and savings

income and savings

income and expenses

expenses and savings

Answer 1

The components of a family budget include income, expenses, and savings.

1. Income: This includes all sources of money coming into the household, such as salaries, wages, bonuses, investment income, and any other sources of revenue.

2. Expenses: These are all the costs incurred by the family, including fixed expenses (like mortgage or rent, utilities, and insurance) and variable expenses (like groceries, entertainment, and discretionary spending).

3. Savings: This includes money set aside for future use, which can be for emergencies, retirement, or specific goals like a vacation or education.

A well-rounded family budget will track all three components to ensure financial stability and planning for the future.

Answer 2

What’s the answer

Answer 3

The correct answer is income, expenses, and savings.