Household Finances Flashcards
What is Household Finance made up of?
You have expenditure, which is what you spend
You have income, which is what you earn
What is Savings?
Savings = income - expenditure
What are some examples of expenditure?
Food, Utilty bill, Phone bill, transport, loan repayment
Should you spend more than you earn?
No, that is why it is important to plan your spending carefully, so you can have more savings.
What is the total expenditure
Expenditure = $70 + $70 + $180 +$180 + $1200
= $1700
If the income is $2300, what is the savings
Savings = $2300 - $1700
= $600
If the savings is $300, what is the income
Income = $1700 + $300
= $2000
What is Joanne’s family expenditure?
Expenditure = $180 + $120 + $190 + $2000 + $190
= $2580
What is Joanne’s family savings?
Savings= $3500 - $2580
= $920
What is Siva’s family expenditure?
Expenditure = $160 + $80 + $1350 + $120
= $1710
What is Siva’s family savings?
Savings= $2800 - $1710
= $1090
