Family Budget Planning

Reflection on Family Budget Planning

1. What is your insight?

Family Budget Planning is a significant step to control the financial welfare in households, especially in rural areas). Budget planning helps family not only keep record of the households' income and expenses, but also to plan ahead and set clear target for future.

2. Why is the insight important?

This insight is very important for rural development where people do not have much awareness about how to plan for their life. A budget can be a great way to help family to save for their future. By designating a specific amount in a savings account (no matter the size), will ensure family will have money in the uncertain future such as crop failure due to natural disaster or sudden health problem.

3. How is the insight useful?

Family Budget Planning is useful in recognizing the contribution of the whole family member in the decision-making process within households. Generally speaking, in a family, husbands are considered as the bread winners or the main income sources, while wives are considered as the money keepers to take care for all the household's expenditure. Family Budget Planning enables both wives and husbands taking part in the decision-making process as well as help them to understand and realize each responsibilities in households. 

4. How will you transfer the insight to practice/future study work?

This insight is really helpful and could be considered as a way for women's empowerment. Family Budget Planning helps women to have raise their voice and make them become visible in the households' decision-making. Which is a basic step to go further to achieve the gender equality.