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Household Expenditure

Description

Mind Map on Household Expenditure, created by Time for Business sample on 02/18/2016.

Mind Map by Time for Business sample, updated more than 1 year ago

	Created by Time for Business sample over 10 years ago

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Resource summary

Household Expenditure

What is expenditure?
1. How people choose to spend their income
Types of expenditures
1. Fixed
  1. Mortgage
  2. Rent
  3. Car tax
  4. TV licence
  5. Insurance
2. Irregular
  1. Groceries
  2. Utility bills
  3. Education
  4. Clothing
  5. Fuel
  6. Repairs
3. Discretionary
  1. Entertainment
  2. Holidays
  3. Gifts
Current vs Capital expenditure
1. Current
  1. Continuous/regular
  2. Bills
  3. Education
  4. Travel
2. Capital
  1. Once-off/less regular
  2. Furniture
  3. Car
  4. Electronic goods
Effective spending guidelines
1. Prioritise expenditure
2. Avoid impulse buying
3. Beware of false economies
4. Consider opportunity cost
5. Check bills
Dealing with overspending
1. Cut back on spending
2. Spread payments over time
3. Postpone spending
4. Use savings
5. Earn extra income
6. Borrow money

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