Home Science Chapter 18 Money Management And Consumer Education

1. It helps judicious spending, aware of wasteful expenditure.
2. Money lasts throughout the month.
3. Can compare prices and expenses of the previous month.
4. Prioritise expenses.

Eight possible mistakes a consumer makes:

1. Did not take the authentic bill.
2. Did not get warranty card stamped.
3. Did not buy a product with standard mark.
4. Did not buy from an authorised dealer.
5. Did not read instructions before reading the product.
6. Did not send the registered AD to opposite party about the complaint.
7. Did not file within two years.
8. Did not submit an affidavit to support her complaint.
9. Did not approach the right forum.
10. Did not fill complete details like name address, etc

Regularly saving some portion of income helps us in -

1. Inflation,
2. Emergencies/unforeseen expenses,
3. Provide security,
4. Meet future goals
5. retirement
6. Raise standard of living

Increase money income by using assets

1. Give a portion of house on rent
2. Grow vegetables on vacant land (if available) and sell

Increase money income by using skills

1. Make articles and sell
2. Use skills to do a job ( tutor, carpenter, tailor)

Increase real income by using assets

1. Grow vegetables in own garden/ kitchen garden
2. Judicious use of family assets

Increase real income by using skills

1. Use of bargaining skills to save money
2. Use skills to do own work

Aspects of filling the complaint:

1. Should complain within two years of purchase.
2. Send registered AD to opposite party stating his complaint.
3. Fill in prescribed form – write name and description, the address of the complainant.
4. Write name and description, the address of opposite party/ company.
5. Write facts relating to the complaint such as when, where it arose.
6. Attach bills, a copy of registered AD sent to opposite party conveying the complainant.
7. State the relief sought by the complainant.
8. Attach an affidavit stating contents to be true and submit in the appropriate forum and pay fees.

Maintaining household accounts -

1. Helps the money to last the entire month.
2. It can help to reduce wasteful expenditure.

Rajesh's son can reduce his personal expenses in the following ways.

1. Studying hard and not taking tuitions.
2. Taking homemade tiffin instead of buying food from outside.
3. Getting books from the library instead of buying them.
4. Not buying branded clothes.
5. Use public transport.

Use of skills to improve real income

1. Ironing own clothes instead of getting them ironed fro the dhobi.
2. Repairing any faults at home by himself instead of calling a mechanic.
3. Bargaining prices.
4. Taking tuitions.