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Business JC

Household Budget Keywords

TermDefinition
Budget This is a financial plan which forecasts future income, expenditure and savings over a period of time.
Budget Deficit Occurs when we spend more money than we earn.
Budget Surplus Occurs when we spend less money than we earn.
Net Cash The amount we get when we subtract our total expenditure from our total income.
Reasons to Prepare a Household Budget (i) To ensure that a family live within their means. (ii) To identify which months they will need to arrange borrowings. (iii) To identify areas of expenditure that they could cut back on.
What can we do with a Budget Deficit (i) Cut back on discretionary expenditure, e.g. birthdays, holidays, entertainment. (ii) Spread out some payments over a number of months, e.g. pay house insurance by instalments. (iii) Shop around for cheaper household bills, e.g. phone, groceries.
Current(Revenue) Expenditure Spending on day-to-day items needed to run a household on a daily basis, e.g. food, petrol, clothes.
Capital Expenditure Spending on goods that will last a long period of time, e.g. new car, TV, Fridge
Created by: adrianw
 

 



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