A budget simply shows how much money you have coming in and how those funds are spent. It is one of the most important tools that help you to build a successful financial status. Household budget management is the way of managing the budget of the family so that the financial status can be managed in a well organized way. This application will help in setting the goals and calculate the expenses based on the goals that have been set. This will help in analyzing the income and the expenses. This will also help to analyze your spending and balance your checkbook accordingly.
The features that can be included in the household budget management system are as follows:
- Set goals: Goals can be set based on immediate and long term goals. Immediate goals refer to the spending amount on day to day basis and long term goals can refer to saving of the amount for the future use.
- Income: The monthly income of the family can be given as the input to this application.
- Calculate expenses: The monthly expenditures can be calculated based on the amount that is spent.
- Notifications: There can also be notifications given based on the monthly expenditure.
There are many ways of maintaining the budget. It can be done through the pen paper method also. But it is one of the oldest fashions these days. This application will help in reducing the pen paper work. There can be different types of the expenses like variable and committed expenses. The committed expenses are the ones that do not change every moth whereas the variable expenses keeps on changing every month. Even such kind of expenses can be maintained through this application. This will be one of the useful projects that one can work on and implement in real time.
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