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Question
Ask your parents how they prepare the monthly budget of your family. Do they consult you in preparing the budget? How much share of the budget is spent on your needs?
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Solution
My parents prepare a monthly budget by estimating our family’s income and expected expenses. They first list essential expenses such as food, electricity, water, school fees, transport and medical expenses. After meeting these necessities, they allocate money for savings and other household needs.
Yes, my parents sometimes consult me while preparing the budget, especially regarding my school requirements, books, stationery and extracurricular activities.
| Particulars | Amount (₹) |
| Monthly Income | 60,000 |
| Food & Groceries | 15,000 |
| House Rent | 12,000 |
| Electricity & Water | 3,000 |
| Transport | 4,000 |
| Education | 8,000 |
| Medical Expenses | 2,000 |
| Savings | 10,000 |
| Other Expenses | 6,000 |
| Total | 60,000 |
Approximately ₹ 8,000 (about 13% of the monthly budget) is spent on my education, books, stationery, school fees, and other personal needs.
