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individual, a family, a shop, a small business or a billion dollar corporation. And bear in mind that it must be available income--what’s left after taxes. Budget Fallacy Number Two is failure to estimate, realistically, what taxes will be and to deduct them from income or include them in expenses.
Some other conversations go like these: “We forgot to include contributions—they add up.“ “But, dear, we didn’t have anything' in the budget for toilet articles, and drugsand for newspapers, magazines, or for the movies." And so on. And now, then, Budget Fallacy Number Three —failure to include all usual items of expense. Most people think only of the major items of expense in their budgeting—food, rent (or mortgage payments), clothing and their car. And on the car, they often forget maintenance expense. Among the other basic expenses almost every family— and even individual—has, no matter how modest the income may be, are: Insurance; doctor and dentist; church; education (certainly if the family has children); dues of some kind and charitable or community contributions; newspapers, magazines, station** e'ry .and stambs; gifts on anniversaries, birthdays and vis its as well as at Christmas; payments on appliances and
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