PRIORITISING AND BUDGETING HOUSEHOLD

Abstract

This study aims to examine the importance of prioritisation and budgeting in household financial management. The method used in this research is a quantitative and qualitative survey, involving a sample of households from various economic classes. The results showed that families who prioritise and budget regularly tend to have better financial stability and are able to deal with emergencies more readily. The prioritisation process involves identifying primary, secondary and tertiary needs, which are matched with income as well as short- and long-term financial goals. Effective budgeting involves recording income and expenditure, as well as regular monitoring to ensure compliance with the original plan. This research emphasises the importance of financial education in helping families develop realistic and implementable budgets. With a structured and disciplined approach, household financial management can become more efficient and have a positive impact on family well-being.