Budgeting

IncomeIncome is money that we receive.Regular income is received on a regular basis e.g every week or month.Additional income is received irregularly e.g overtime.ExpenditureFixed Expenditure is expenditure of a fixed amount that must be paid on a fixed day e.g mortgage .Irregular Expenditure is expenditure of a variable amount to be paid on a variable day e.g Telephone Bills.Discretionary Expenditure is expenditure where the consumer has a choice after fixed and irregular expenditure have been paid.