There are multiple benefits to individuals and families who plan and keep an account of their income and expenses. Households benefit by being able to: • Chart their financial progress • Know where their money goes and what it is used for • Show how living costs change due to prices or changes in family size and/or age • Plan future spending • Teach children about the use of money • Improve consumer skills and save dollars • Decide if changes are necessary to reach household goals • Provide proof for filing income tax returns • Provide protection from fraud • Lesson errors in financial management
