Understanding Family Budget and its justifications

Budgeting is no longer an action limited to governments, corporations and authorities, but rather extends to include families as social entities with multiple socio-economic goals.  Budgeting brings considerable benefits to the family, whether on daily basis, short term or long term benefits, where the family plans for both the present and future.  As such, families in all societies have attached a considerable importance to drawing up monthly and annual budgeting in an optimum manner serving their short-term and long-term goals.   Although developing a budgeting plan for a family is simple and easy, unlike for governmental entities, corporations, authorities and organizations, the mechanisms and procedures needed for developing such a plan requires explanation so that the family can draw up a successful, beneficial and valid budgeting plans.  Being extremely relevant to family's economic and social concerns, family budgeting is worthy to be studied. To this end, we are keen to provide a simple and clear explanation for budgeting process as well as its items, including expenditures, revenues, savings and investments. '

SCOPE OF THE STUDY This research works covers household (family) budget of the individual families of Bayero   University   Kano.   New   site   Campus and   the   role   it   plays   in   reducing poverty. This work will not go into details on the composition of their budget but will study the level of consumption and saving of individuals households.