Management plays a crucial role in day-to-day life. It is an inherent part of human life. Families in India have undergone vast changes over the years due to the rapid development of industries, educational achievements, the technological revolution and speedy communication. Each individual needs to be trained to fit himself in this changing environment by making the right decision at each moment of his or her life. In day-to-day life this is possible through the acquisition and application of knowledge of management.