This question was popular among the candidates except that many failed to state the steps in household budgeting in sequence as being requested in part (c)

The candidates are expected to answer:

(a)Explanation of Money Management

Money management is an organized process of using money to achieve Specified goals/it is the careful utilization of family income to provide the basic family needs.

(b)Advantages of Household Budgeting: It

-prevents impulse buying;
-helps family make wise use of its income;
-helps balance family expenditure wit family income/living within the family income;
-ensures that family needs are catered for;
-enables the family decide on what to be included or omitted in the budget;
-helps in training children in the wise use of money;
-encourages saving

(c)The First two Steps in Household Budgeting:

(i)List out all the family needs.
(ii)Estimate the cost of the needs.