Financial literacy and more
All about the basics of money
An amount that you spend is an expense for you.
The spending can be in different areas including living expenses or entertainment expenses or even lifestyle expenses.
Some expenses are essential like food or rent or even conveyance to get from home to work.
Other expenses are more dependent on the choices that you make in terms of your personal interest or even lifestyle.
Expenses should be based on the income that is earned so that there are some savings and there is no shortage of money.
Income from any source makes money available for an individual to use.
The nature of the income can however build confidence for an individual.
A regular income flow builds comfort for the individual as it is repetitive and certain.
A one time income has no certainty of arising again.
If the income is regular then expenses can also be planned over the long term.
An income allows you to plan how to spend the amount.
Income also determines the kind of lifestyle and facilities that you can enjoy.
Income is also the starting point to know how much to save for the future.
Income is better if this is regular as it will lend some certainty to your financial actions.
Income from different sources also ensures that the flow will not be disrupted in case of happenings in one area.
Income is the money or amount that is actually earned by the individual.
This can be earned either through some effort or even ownership of some asset.
Income is different from borrowing where the amount is not your own money.
A gift is some amount given to you which does not have to be repaid.
Income can be used to meet various expenses and for investment purposes.