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
