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HOME BUDGET
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MATHS PROJECT

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SIDDHARTH R SINGH

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 INDEX

ACKNOWLEDGEMENT
What is Budget?
Types of Budget
What is Personal Budget?
Tools used for creating a personal budget
Following a Budget
Home Budget for Singh Family
Example
For the Month of January
Bar graph
Pie chart
Pie chart
Conclusion
Bibliography
WHAT IS BUDGET?
A budget is a list of all planned expenses and
revenues. It is a plan for saving and spending.
A budget is an important concept in micro
economics, which uses a budget line to
illustrate the trade-offs between two or more
goods. In other terms, a budget is an
organizational plan stated in monetary terms
.In summary, the purpose of budgeting is to:
1.
Provide a forecast of revenues and
expenditures, that is, construct a model of how
our business might perform financially if
certain strategies, events and plans are
carried out.
2.
Enable the actual financial operation of the
business to be measured against the forecast.
TYPES OF BUDGET

Budget types
1.
Sales budget:
The sales budget is an estimate of future sales,
often broken down into both units and dollars.
It is used to create company sales goals.
2.
Production budget:
Product oriented companies create a
production budget which estimates the number
of units that must be manufactured to meet the
sales goals. The production budget also
estimates the various costs involved with
manufacturing those units, including labour
and material.
3.
Cash Flow/Cash budget:
The cash flow budget is a prediction of future
cash receipts and expenditures for a
particular time period. It usually covers a
period in the short term future. The cash
flow budget helps the business determine when
income will be sufficient to cover expenses and
when the company will need to seek outside
financing.
4.
Marketing budget:
The marketing budget is an estimate of the
funds needed for promotion, advertising, and
public relations in order to market the product
or service.
5. Project budget:
The project budget is a prediction of the costs
associated with a particular company project.
These costs include labour, materials, and
other related expenses. The project budget is
often broken down into specific tasks, with
task budgets assigned to each.
6. Revenue budget:
The Revenue Budget consists of revenue
receipts of government and the expenditure
met from these revenues. Tax revenues are
made up of taxes and other duties that the
government levies.
7. Expenditure budget:
A budget type which include of spending data items.

WHAT IS PERSONAL BUDGET?

A personal budget
Is a finance plan that allocates future personal
income towards expenses, savings an debt
repayment. Past spending and personal debt
are considered when creating a personal
budget. There are several methods and tools
available for creating, using and adjusting a
personal budget.
TOOLS USED FOR CREATING A
PERSONAL BUDGET
Several tools are helpful for constructing a
personal budget. Regardless of the tool used ,a
budget's accuracy is only as good as the
accuracy of the updated budget data; an old
budget that does not reflect actual income or
expenses is of little use to a current budget.
Computer generated budgets have become
commonly used as they replace the need to
rewrite and recalculate the budget every time
there is a change.
Pencil and paper
A simple budget can be written on a piece of a
paper with a pencil, and optionally, a
calculator. Such budgets can be organized in
three-ring binders or a file cabinet. Simpler
still are the pre-formatted household
budgeting or bookkeeping forms that creates a
budget by filling in the blanks.
Spreadsheet software
Spreadsheet software, including Microsoft
Excel, I Work Numbers or
OpenOffice.org Calc, helps to arrange
budgets according to need and performs
calculations easily with rudimentary formulas.
For example, budget spreadsheets are used to
keep track of income and expenses. The major
reason most people discontinue using budget
spreadsheets that don't offer date-shifting is
that the information needs to be reentered or
moved at the endof each month. Spreadsheets
are still excellent for complex budgets and
planning.
Money-management software
 Some software is written specifically for
money management. Products such as Fortiori
Fresh Finance, Money dance, Quicken,
Microsoft Money (discontinued), and Gnu
Cash are designed to keep track of individual
account information, such as checking,
savings or money-market accounts. These
programs can categorize past expenses
and display monthly reports that are useful for
budgeting future months.
Money-management websites
Several websites, such as Mint.com and
Thrive, have been devised to help manage
personal finances. Some may have a privacy
policy governing the use and sharing
of supplied financial information.
Spending-management software
Spending-management software is a variation
of money-management software. Unlike
typical budgeting that allocates future
personal income towards expenses, savings
and debt repayment, this type of software
utilizes a known amount of money, the cash on
hand, to give the user information regarding
what's left to spend in the current month. This
method eliminates some of the guess work
associated with forecasting what a person
might receive for income when it comes to
allocating budgeted money. Like money-
management software, some spending-
management software packages can connect
to online bank accounts in order to retrieve a
current status report.
FOLLOWING A BUDGET
Once a budget is constructed and the proper
amounts are allocated to their proper
categories, the focus for personal budgeting
turns to following the budget. As with
allocation, there are various methods
available for following a budget.
Envelopes
Or the envelope accounting is a method of
budgeting where on a regular basis (i.e.
monthly, biweekly, etc.) a certain amount of
money is set aside for a specific purpose, or
category, in an envelope marked for that
purpose. Then anytime you make a purchase
you look in the envelope for the type of
purchase being considered to see if there are
sufficient funds to make the purchase. If the
money is there, all is well. Otherwise, you
have three options:
1) you do not make the purchase;
2) you wait until you can allocate more
money to that envelope;
3) you sacrifice another category by moving
money from its associated envelope. The
flipside is true as well, if you do not spend
everything in the envelope this month then the
next allocation adds to what is already there
resulting in more money for the next month.
With Envelope budgeting, the amount of
money left to spend in a given category can be
calculated at any time by counting the money
in the envelope. Optionally, each envelope can
be marked with the amount due each month (if
a bill is known ahead of time) and the due date
for the bill.
Spreadsheet budgeting with date-shifting
Budget spreadsheets with date-shifting, like
Budget-Master. Com, typically offer a detailed
view of a 12 month, income and expense, plan.
A good way to follow and manage a budget
when using a spreadsheet that offers date-
shifting is to set the current month a few
months before the current month along the 12-
month cycle.
Quinn-CO
The Quinn-CO method of budgeting is based
on a Canadian business model where
categories of expenses are set up as cost
centres. Cost centres are broken out into three
categories of spending: fixed expenses,
variable expenses and savings. Cost centre
targets are based on percentages of monthly
net revenue (household gross income minus
taxation and employee deductions). All
expenses are allocated to appropriate cost
centres based on a set of business rules
outlined in the book Wake Up or Die Poor the
ratio of fixed expenses to variable expenses to
savings make up a family's pie. When fixed
expenses make up more than 50% of a
household's net revenue, That-CO is in the
"prickly" pie.
HOME BUDGET
FOR
SINGH FAMILY.
EXAMPLE
1. Familys Name: SINGHs
2. No. of Family members: 6
3. No. of Earning Members of the Family: 1
4. No. of children studing: 2
5. No. of Helping Hands at home: 2(1 part-
Time, 1 full time)
6. No. of Telephone lines (Land lines):1
7. No. of Mobile phones:6
8. No. of Vehicles:5
9. (2 four wheeler;3 two wheeler)
10. House owned
11. Designation of earning members:
Father: Director at the Shahi Exports.
FOR THE MONTH OF JANUARY

TOTAL INCOME
75000
TAXES
15000
ACTUAL INCOME
60000
HOUSE MAINTAINANCE
4000
GROCERRY+FRUITS+VEGETABLES
12000
MILK
5000
ELECTRICITY+WATER
2500
CONVEYANCE
1000

CATEGORY MONTHLY
AMOUNT
TOTAL INCOME 75000
TAXES 15000
ACTUAL INCOME 60000
HOUSE 4000
MAINTAINENCE

GROCERY 12000
MILK 5000
ELECTRICITY + 2500
WATER
CONVEYANCE 1000

CLOTHING
2500
EDUCATION+CLASSES
5000
ENTERTAINMENT+PRESETATION
2000
AUTOMOBILES
2000
TELEPHONE+MOBILE
2000
HOME HELPERS
1500
REPAIRS
500
CABLE+INTRNET CONNECTION
500
TRAVELLING
2000
LAUNDARY
500
SHOPPING
2500
STATIONERY
500
MEDICAL
5000
GRAND TOTAL
51000
SAVINGS
9000
YEARLY SAVINGS
10800

CATEGORY MONTHLY
AMOUNT
CLOTHING 2500
EDUCATION+CLASSES 5000
ENTERTAINMENT+PRESENTATION 2000
AUTOMOBILES 2000
TELEPHONE+MOBILE 2000
HOME HELPER 1500
REPAIR 500
CABLE+INTERNET CONNECTION 500
TRAVELLING 2000
LAUNDRY 500
SHOPPING 2500
STATIONERY 500
MEDICAL 5000
GRAND TOTAL 51000
SAVINGS 9000
YEARLY SAVINGS 108000
14000

12000

10000

8000

6000

4000

2000

0
HOUSE MAINTAINENCE
GROCERY
MILK
ELECTRICITY+WATER
CONVEYANCE
CLOTHING
EDUCATION
ENTERTAINMENT
AUTOMOBILES
TELEPHONE
HOME HELPER
REPAIR
CABLE
TRAVELLING
LAUNDRY
SHOPPING
STATIONERY
MEDICAL
CONCLUSION
Total income for SINGH Family is Rs.75000.the tax to
be paid is the 10% of the total income, that
isRs.15000
The actual income is (Total Income - Taxes). The actual
income is 60000.
The savings after all expenditure is Rs9000..
The yearly savings for SINGH family is Rs.108000.
BIBILIOGRAHY
http://en.wikipedia.org/wiki/Personal_budget
http://en.wikipedia.org/wiki/Budget
http://www.vertex42.com/ExcelTemplates/personal-monthly-
budget.html
http://office.microsoft.com/en-us/templates/family-monthly-budget-
planner-TC001023342.aspx
http://office.microsoft.com/en-us/templates/family-monthly-budget-
planner-TC001023342.aspx
ACKNOWLEDGEMENT.

I would like to thank my Math's

Teacher, MRS.PRABHA RAJGOPAL,

for giving me such an interesting

project .I have learnt a lot about

planning a house in this project. I

also thank my parents for their

constant help and support for me

during this project.

TRIVENI PUBLIC SCHOOL
SIDDHARTH R SINGH

XA

MATHS PROJECT

2017-18,

HOME BUDGET

SUBMITTED TO:

MRS.PRABHA
RAJGOPAL