Budgets Introduction © Donal Enright 2008 in association with Teachnet.

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Presentation transcript:

Budgets Introduction © Donal Enright 2008 in association with Teachnet

Budgets Budgets are a financial plan for the future Budgets can be divided into two main sections: Income – Money that comes in Expenditure – Money we spend

Income Samples of Household Income:  Wages or pay  Child Benefit  Social Welfare  Interest from investments  Prize money

Expenditure There are three types of expenditure:  Fixed Expenditure  Irregular Expenditure  Discretionary Expenditure

Fixed Expenditure Fixed Expenditure is money a household must pay  Mortgage  House Insurance/ Car Insurance  Loans/ Borrowings  Car Tax  Crèche Fees

Irregular Expenditure Similar to Fixed but the amount changes each month  Food  Light/ Heating  School Expenses  Petrol/ Diesel  Travel  Clothes

Discretionary Expenditure One has a choice about these expenses (wants not needs)  Holidays  Entertainment  Decorating  TV – Cable etc  New Clothes (fashion items)