A brief introduction to budgets and household income

1. The beginning!

2. 
 A budget is a plan of future income & expenditure
What is a Budget??

3. 
 Households
 Students…..YOU!
 Government
 Businesses
Who needs a Budget?

4. 
 To make sure you don’t overspend…live within your
means!
 To make sure you use your money where you need it
 To make sure you have money for a rainy day
 To see how much savings you will have
Why are Budgets
important?

5. 
 Saving is when you put aside income so you can
spend it at a future date
What is Saving?

6. 
 To go on holiday
 To buy a car
 For emergencies
 What are YOU going to spend your savings on?....
 Before you start planning to spend you need to know
how much your income will be for a period of time!
Why do People Save?

7. 
 Income is the money you receive!
 Can you name three types of income??
What is Income?

8. 
 Regular Income is income received every week or
every month
 It is money that you are sure of receiving
 Eg. Wages, Pocket Money…..Can you think of any
more??
 Pensions, Interest on savings, The ‘Dole’
1. Regular Income

9. 
 Irregular Income is income you receive every now and
again
 It is money that you are NOT sure of receiving
 Eg. Overtime at work, Presents for your birthday…Can
you name some more??
 Winning the lottery or at bingo, Receiving a bonus for
good work, Receiving money in a will
2. Irregular Income

10. 
 Benefit-in-Kind is a non-cash form of income
 Can you think of an example of Benefit-in-Kind
income??
 A company car, Meals received by employees of
restaurants, Employees receiving a ‘work phone’ and
having their mobile phone bills paid for
3. Benefit-in-Kind