Family budgets – what would you need to think about? Last week we looked at personal budgets and planning shopping. But if you are a part of a family you need to think about everyone’s budgets. For the following family work out their annual income. Family earnings Mr McNearny: £32,000 a year Mrs McNearny: £47,250 a year Jamie McNearny: £19,500 a year Interest paid on savings £230 a year What is income? What is expenditure? Income is the amount of money coming in. Expenditure is the amount of money you pay out. Worked it out yet? Total income = £98, 980