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Leaving Cert Home Ec - > Budgeting > Flashcards

Flashcards in Budgeting Deck (18)
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1
Q

Reasons to create a budget

A

Develop good money management skills
Prevents overspending
Reduces reliance on credit cards and debt
Financial security = alleviates worry and stress
Savings can be made

2
Q

Benefits of savings

A

Useful in unplanned circumstances eg job loss

3
Q

Guidelines for budgeting

A
Estimate total reliable income
List all expenditure (essential and discretionary)
Allocate percentages 
Allocate savings
Review and evaluate eg new baby
4
Q

Percentage for housing

A

25%

5
Q

Percentage for food

A

25%

6
Q

Percentage for household expenditure

A

15%

7
Q

% for education and childcare

A

10%

8
Q

% for travel

A

5

9
Q

% for Clothing

A

5

10
Q

% for medical

A

5%

11
Q

%for savings

A

5

12
Q

% for entertainment and leisure

A

5%

13
Q

Example of travel costs

A

Petrol/diesel
Leap card
Insurance

14
Q

Example of household expenses

A

WiFi
Electricity
Tv license

15
Q

Example of education cost

A

Uniforms
Books
College fund

16
Q

Role of MABS

A

Free, confidential service for those at risk of debt

Advice on budgeting
Develops money management skills
Identity sources of credit that best fit consumers needs

17
Q

MABS is funded by

A

Department of social protection

18
Q

Who does MABS operate with

A

Citizens information board