Disadvantages of home budget

Answer 1

Maintenance --- Disadvantage

• One downside of having a budget is that once you establish it you now have to maintain it on an ongoing basis. If you miss a month, week or even a day of maintaining your budget it could throw you off track of your entire plan. You may find yourself spending a lot of time monitoring your budget details, making updates, identifying issues and solving them. Be prepared for the time required to properly maintain a budget.

Lifestyle Change --- Disadvantage

• Another disadvantage of a budget is that it requires you to make a lifestyle change. You have to make changes that could significantly disrupt your routine. For example, if your budget demands, you must start making your own coffee in the morning and packing it in a thermos instead of visiting your favorite coffee shop for an expensive latte. You may also have to relinquish a few of your favorite cable channels to stay on track. In some cases the lifestyle change is temporary as you build up your savings accounts or seek better paying employment.

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Answer 2

home budget helps the head of the family to have a look on his/her income, expenditure and savings. this helps them to have enough money in times of emergency or for the sake of marriage of their wards or for their higher studies