Money Management - Leaving Cert Home Economics
Terms in this set (20)
A plan for spending money.
Money paid out.
Total amount earned before deductions.
Pay As You Earn. Income Tax. Paid to State.
Pay Related Social Insurance. Pays for benefits if and when needed.
Total amount earned after deductions. Take home pay.
PAYE and PRSI
Optional, e.g. health insurance.
Accommodation (rent/mortgage). Food. Clothing. Medical expenses. Travel. Electricity. Heating (gas/oil/etc.). Entertainment. Savings.
System used to calculate the amount of tax a worker will pay.
= Gross Tax - Tax Credits
Advantages of Budgeting
2. Highlights overspending.
3. Minimises waste.
4. Good example.
Considerations when choosing where to SAVE
1. Interest Rate.
3. Ease of withdrawal.
Places to Save
1. Credit Union.
2. Post Office.
4. Building Soceity.
Advantages of Saving
1. Earn interest.
2. Cheaper to buy with saved money than on credit.
3. No debt.
Buy now, pay later.
Forms of Credit
1. Credit Card
3. Bank Overdraft
4. Hire Purchase
Advantages of Credit
1. Use of item before it's paid for.
2. Takes to long to save for some items, e.g. houses.
Disadvantages of Credit
1. Interest charged so costs more.
2. Encourages spending.
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