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Budgeting
Chapter 1 - 2- 3 -4 in Less Stress More Success
| Term | Definition |
|---|---|
| Regular Income | Income received each week or month e.g. wages (depends on hours worked), salary (fixed amount) |
| Benefit in Kind | Non-financial reward instead of money e.g. company car |
| Gross wage | Pay before deductions |
| Net pay | Gross pay less deductions |
| Deductions | Money taken off your gross pay |
| Statutory deductions | Must pay by law : PAYE ,PRSI, USC |
| PAYE | Pay as you earn - Income tax paid to the government |
| PRSI | Pay related social insurance - Contributes toward social welfare benefit |
| USC | Universal social charge |
| Non-statutory deductions | Deductions that an employee can make Voluntary - Health insurance, union fees |
| Fixed expenditure | FIXED AMOUNT to be paid out on a FIXED DATE |
| Irregular Expenditure | AMONT VARIES and the PAYMENT DATE VARIES |
| Discretionary Expenditure | Spending on UNNECESSARY ITEMS. Luxury items that can be done without. |
| Budget | A FINANCIAL PLAN that forecasts future INCOME and EXPENDITURE |
| Surplus | When Income is GREATER that Expenditure |
| Deficit | When Expenditure is GREATER than Income |
Created by:
MrOGrady
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