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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
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