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Published byJeffery Walters Modified over 9 years ago
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Budgets Introduction © Donal Enright 2008 in association with Teachnet
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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
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Income Samples of Household Income: Wages or pay Child Benefit Social Welfare Interest from investments Prize money
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Expenditure There are three types of expenditure: Fixed Expenditure Irregular Expenditure Discretionary Expenditure
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Fixed Expenditure Fixed Expenditure is money a household must pay Mortgage House Insurance/ Car Insurance Loans/ Borrowings Car Tax Crèche Fees
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Irregular Expenditure Similar to Fixed but the amount changes each month Food Light/ Heating School Expenses Petrol/ Diesel Travel Clothes
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Discretionary Expenditure One has a choice about these expenses (wants not needs) Holidays Entertainment Decorating TV – Cable etc New Clothes (fashion items)
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