The origin of the word economics is “oikonomia”.  It is derived from the Latin words “oikos” and “nomos”. Oikos means household, while nomos denotes management.  Hence, economics has its roots from household management.

Economics is a social science that deals with the production, allocation and utilization of scarce resources to satisfy unlimited human wants.   The shortage of time, energy and money forces one to choose which goods and services to create and consume.   Indeed, in a very micro setting, it is a primordial concern of every individual or a family to make ends meet.

Thus, for the benefit of everyone, I have prepared below a calculator which lists the usual revenue streams and monthly expenses for a household.  Just be honest in using the calculator and it will definitely help in showing one’s spending habits, spotting items that can be cut off and determining existence of potential savings. 

Household Budget Calculator
CURRENT BALANCE
Cash on Hand	P
Cash in Bank	P
Other Liquid Assets	P
REVENUE
Employment (Service Income)	P
Pension (Disability/Retirement)	P
Other Income (Paper/Real Assets)	P
EXPENSES
Mortgage/Rent	P
Groceries/Food Expenses	P
Clothing	P
Laundry Expenses	P
Salary of Maids/Helpers	P
Taxes	P
Electric Bills	P
Water Bills	P
Internet	P
Phone (Mobile/Landline)	P
Necessities (Toiletries, Vanity Items, etc.)	P
Auto Loan Payments	P
Gas/Diesel	P
Auto Maintenance/Repair	P
Commuting Costs	P
Insurance Expenses (Life/Medical/Home)	P
Educational Expenses (Tuition/Uniform/Allowance)	P
Leisure Expenses	P
Medical Expenses	P
Other Expenditures	P
Savings/Loss	P

Paul John F. Barrosa, MBA © 2017.