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Budget

a plan for spending money

P.A.Y.E.

Pay as you earn. The most common type of income tax.

P.R.S.I.

Pay Related Social Insurance-goes towards paying people when ill or unemployed.

U.S.C.

Universal Social Charge

Money Management

How you handle money coming in and money going out.

Gross Income

the TOTAL amount of your income BEFORE you claim any exemptions or deductions.

Net Income

the amount a person has left after income tax is deducted

Tax Credits

The part of income which is not taxed.

Savings

money put aside for future use

Credit

An arrangement to receive cash, goods, or services now and pay for them in the future.

Forms of credit

Bank overdraft,Loan from bank,Hire purchase,credit cards.

MABS

Money Advice Budgeting Service.It helps people with debt problems.

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