Preparing a simple budget

Watch the following video to find out what is meant by a budget, and to see an example of how someone may manage their income and expenditure.

Key words:

• Income – money that you receive(e.g. wages, pocket money, allowances, benefits, etc)
• Expenditure – money you pay out for goods or services (rent, shopping, cinema trips etc.)
• Disposable Income – money you have left over to save or treat yourself