Abstract
This study focused on household budgeting practices adopted by low
income households in Owerri Municipal, Imo State. Specifically the study
determined: points households consider in making their budget; areas of
priority in household budget; problems households face in making
budgets,; and ways households could improve their budgeting practices.
Survey design was adopted. Population was made up of all 1,250 registered
and serving teachers in 62 private primary school teachers of the area of the
study. Questionnaire was used for data collection. Mean and standard
deviation were used for data analysis. Findings show eight points
households consider in making budgets, including, provision of food for
family; cost of children’s education; family income and others. Other
findings are six priority areas in household budget, including, couples set
aside a part of individual income as saving; agreement for a member to
commit income for investment; there is special fund set aside for shelter as
priority; among others. There are also nine problems households faces in
making budgets. They include lack of education on budgeting principles;
irregular income discourages budgeting; and misconception about
budgeting. Further findings are 14 ways of improving budgeting practices,
including, among others, seeking education on effective budgeting
practices; encouraging the control of appetite among members; and
practicing effective communication. Based on the findings four
recommendations were made.