ch1. income

• Income

  Money received by an individual or a household
• Types of income

  • Regular
  • Irregular
• Regular income

  Income received at set intervals, such as weekly or monthly
• Regular income

  • Monthly wages
  • child benefit
  • job seekers benefit
• Irregular income

  Income received from time to time
• Irregular income

  • Overtime
  • Bonus
  • loan
• Sources of regular income

  • Wage
  • Salary
  • Grant
  • Jobseeker's Benefit
  • Jobseeker's Allowance
  • State Pension
  • Child Benefit
• Sources of irregular income

  • Overtime
  • Bonus
  • Loan
  • Shares/Dividend
  • Interest
  • Tax refund
  • Gift
  • Cash win
  • Inheritance
• Benefit-in-kind (BIK) or perks

  Non-money income in the form of goods or services provided by an employer
• Needs

  Things we require for survival
• Needs

  • Food
  • Water
• Wants

  Things we would like but could live without
• Wants

  • phones
  • clothes
  • car
• Personal resources

  Money, skill, talent, family, friends and community
• The financial life cycle

  Stages of financial needs at different life stages
• It is important that people keep a record of their expected income
• Recording income

  • Estimated total income for a family for a four-month period