AZLI family:

Hanim has kept her expenses very low this week. More importantly, she has compared prices between two hypermarkets.

Finding that one offers lower prices, she has decided to shop there. Price comparison is vital to being a smart consumer.

Lee family:

After a relatively high spending last week, the Lees have reduced their food bill. The family mostly cooks at home.

Additionally, the wife is making efforts to ensure a balanced meal for the family and taking advice on how best to do so.
Although they only ate out twice, this constituted 28 per cent of their total food expenditure. This shows how expensive eating out can be.

Ayappan family:

Their practice of eating food at home is not only healthy but also helps minimise expenses.

The wife is making efforts to incorporate what she has learnt from others to enhance the quality of food. It is also interesting that Ayappan calls home to monitor the household purchases and ensure that the rest of the family has taken their meals.

Loh family:

Guat Sim seems quite creative in looking for second-hand furniture to minimise cost of household goods. She also makes efforts to minimise energy use to lower her bills.

Kasab family:

For a family with a limited and variable income, the percentage spent on food is relatively high. While they can save by growing their own vegetables, the family can gain if they plan their spending better to minimise unnecessary expenditure. They also need to be aware of saving for a rainy day.

Jamaludin family:

This week's expenditure is again quite excessive because Jamaludin's son is staying with Jamaludin's in-laws.

From the list, there are many unnecessary items. While his intention is to ensure that the son does not burden the in-laws, his ability to afford these items must be given serious thought.

It is of great concern that Jamaludin sometimes has to borrow money. For food and other key items, the family needs to plan its spending and live within its income. Borrowing for basic items could cause serious problems for the family.

Safini family:

This family certainly can benefit from better financial planning and prudent spending. One good effort is that they shop at various places possibly to get the best deal.

Additionally, they should try more generic brands to further reduce their spending.

Francisco family:

This week's purchase is entirely made up of fresh fruits and a fraction of last week's spending.

The family seems very focused on eating at home, and that is certainly a great practice. Despite the difficulties, the family should plan to better manage their finances.

Lim family:

Vonica's purchases this week constitute mainly fresh food. She is a cautious and smart consumer. She plans her purchases and writes them down, calculates unit costs for various items, shops alone so as not to be distracted and shops when there is smaller crowd.

Other consumers may want to follow her style.

Ganesa family:

The family may need to be more careful in its spending. The couple may need to be more open-minded towards equal quality but maybe not branded food.

Parathy teaches the children the importance of money and proper shopping habits. This should be commended.

Masirhan family:

They have spent more than double what they spent last week. Many items seem unnecessary. More prudent spending can help the family minimise expenses.

Khamsan family:

Khamsan spends minimally on food. More fresh vegetables and fruits would be helpful.

Khamsan's effort to train his son in financial management is good. Still, he should discuss with his son how he spends his money and give some advice and guidance. He should also teach his son the habit of saving.

Summary:

Every family needs to instil in the children the importance of appropriate spending and saving. Financial literacy is a crucial skill in society.

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Paul Selva Raj is chief executive officer of Consumer Research and Resource Center