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Revision Family Budget and Payslips - Coggle Diagram
Revision Family Budget and Payslips
What is a Budget?
Plan of income & expenditure
Helps avoid overspending
Helps save money
Types of Income-
Wage/Salary
Social welfare- Pension, Unemployment
Child benefit
Interest on savings
Types of Expenditure-
Fixed (same every time: rent, insurance)
Irregular (changes: food, electricity, clothing)
Discretionary (luxuries: holidays, entertainment)
Key Budget Terms-
Surplus → Income > Expenditure
Deficit → Expenditure > Income
Opportunity Cost- The opportunity cost is the Item you didn't get to buy and the expense is the Item you purchased
Why Budget?
Control finances
Plan for future goals
Prepare for emergencies
Reduce debt
Payslips-
Why payslips matter
Proof of earnings
Needed for loans, tax, and budgeting
Gross Pay
Before deductions
Includes: basic pay + overtime + bonus
Deductions
Statutory (legal)
PAYE
PRSI
USC
Voluntary
Pension
Union fees
Health insurance
Net Pay
Take-home pay
Formula: Gross Pay – Total Deductions