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Household Income & Expenditure - Coggle Diagram
Household Income & Expenditure
Income: Money received by an individual or household AKA: Revenue
3 Types
Regular: Predictable and consistent over a period of time
Wage or Salary
Irregular: Unpredictable money in
EG: Bonus Payment
Benefit In Kind: Non-cash/Non monetary sources of income
Company Car
Company Health Insurance Plan
Free gym membership
Company phone
Free food
Expenditure: Money spent by an individual or household
3 Types
Fixed: stays the same every month
Mortgage
Loan repayment
Rent payments
Irregular: changes every month depending on usage
Gas Bill
Electricity Bill
Discretionary: expenditure on once off or luxury items which improve your quality of life
Car upgrade
Holiday
Designer Clothing
Current Vs Capital Expenditure
Current Expenditure: day-day spending
Weekly groceries
Caoital Expenditure: Spending on long term investments
Housing Renovations
Other Key terms:
Financial Cost
Opportunity Cost
Needs
Wants
Impulse Buying
False Economy
Wage Slip
Net Cash
Opening Cash
Closing Cash