PLANNING A

HOME BUDGET
By
A.Meenakshi
Class 10
Chaitanya vidyalaya
2020-2021

INTRODUCTION
A budget is an estimation
of revenue and expenses over a specified
future period of time; it is compiled and re-
evaluated on a periodic basis. Budgets can
be made for a person, a family, a group of
people, a business, a government, a
country, a multinational organization or just
about anything else that makes and spends
money. At companies and organizations, a
budget is an internal tool used by
management and is often not required for
reporting by external parties.

TYPES OF BUDGET
1. Sales budget: A sales budget estimates
the sales in units as well as the estimated
earnings from these sales . Budgeting is
important for any business. Without a
budget companies can’t track process or
improve performance.
2. Production budget: A production budget
is a financial plan that lists the number of
units to be manufactured during a period
. In other words, this is a report that
estimates the number of units that a
plant will produce from period to period .
3. Capital budget: Capital budget is used to
determine whether an organization's
long-term investments such as new
machinery, replacement machinery, new
plants, new products, and research
development projects are worth
pursuing.
4. Revenue budget: Revenue budget
consists of revenue receipts of
government and the expenditure met
 from these revenues. Tax revenues are
made up of taxes and other duties that
the government levies.

PERSONAL BUDGET
A personal budget or home budget is
a finance plan that allocates future
personal income towards expenses, savings 
and debt repayment. Past spending
and personal debt are considered when
creating a personal budget. There are
several methods and tools available for
creating, using and adjusting a personal
budget. For example, jobs are an income
source, while bills and rent payments are
expenses.

HOME BUDGET FOR

MY FAMILY
 No. of Family members : 4
 No. of earning members : 2
 Maid : 1 (part–time)
 No. of children studying : 2
 No. of mobile phones : 4
 No. of Vehicles : 4 ( 2 four wheeler , 2
two wheeler )
 House owned
 Designation of earning members :
Father: Lawyer
Mother : lawyer

FOR THE MONTH OF

February
Category Amount
Total income 4,50,000
Taxes 22,500
Loan 1,00,000
House maintenance 35,000
Grocery + fruits + 8,000
vegetables
Milk 3,500
Electricity + water 4,000
Conveyance 1000
Clothing 3,500
School fees 25,000
Entertainment 5,000
Automobile 1,500
Mobiles 1,000
Maid 3,000
Repairs 2500
Travelling 15,000
Laundry 2,500
Shopping 6,500
Stationary 500
Medical 10,000
Grand total 2,50,000
Savings 2,00,000
Yearly savings 25,30,000

BAR GRAPH
 HO
US
EM
AI
NT

100000
120000

20000
40000
60000
80000

0
EN
AN
GR CE
OC
EL ER
EC Y
TR
IC M
ITY I
+ W LK

APPLIED:
AT
CL ER
OT
SC HI
H N
EN OO G
TE L
RT FEE
AI S
N
AU ME
TO NT
M
OB
ILE
M
TR A
AV ID

1. calculation of income tax:

EL
LIN
LA G
UN
DR
SH
OP Y
PI
NG

ta
x
lo
an
m
ed

MATHEMATICAL CONCEPTS
ica
l
 Government budget 2020 has proposed to
introduce new income tax slabs with reduced
rates for those foregoing under a "simplified tax
regime". As per the budget proposals, if a
taxpayer opts for the new regime, then his
income will be taxed as per the following tax
slabs:

Total income (Rs) Income tax

rate

Up to 2.5 lakh - nil

From 2,550,001 to 5,00,000 – 5%
From 5,00,001 to 7,50,000 – 10%
From 7,50,001 to 10,00,000 – 15%
From 10,00,001 to 12,50,000 – 20%
From 12,50,001 to 15,00,000 – 25%
Above 15,00,000 – 30%

As it is stated above that the income is

4,50,000 and for that amount in the table
above the income tax percentage will be 5%.
Thus, income tax will be 5% of 4,50,00
which is 22,500.
 2.recurring deposit for savings
After all expenses, the savings are
2,00,000.this amount is deposited every
month throughout the year(12 months) at the
rate of 10%.
s.i = [ p*n(n+1)/2*1/12*r/100]
= [ 2,00,000*12(12+1)/2*1/12*10/100]
= 1,30,000
Maturity value(savings) = (2,00,000*12)+ 1,30,000
= 25,30,000

Bibliography:
I visited on:
www.meritnation.com
www.wikipiedia.com
www.scribed.com
and taken information from various books .

ACKNOWLEDGEMENT
I would like to express my special thanks of
gratitude to my mathematics teacher Ms.
GEETA JAYANTHI who gave me the golden
opportunity to do this wonderful project,
which also helped me in doing a lot of
research and I came to know about so many
new things. I am really thankful to her.
Secondly I would also like to thank my
parents who helped me in completing this
project.