Most income comes in the form of money. However, income for work can also be received in non cash forms. Benefi ts-in-kind (BIK) are things that you get for free from an employer that you would otherwise have to pay for. They are a non-cash form of income. They are also known as ‘perks’ or fringe benefi ts. Depending on the job, many employers offer extra benefi ts to help attract and retain good employees. Examples of perks include: a company car health insurance free or subsidised workplace meals
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mobile phones and payment of phone bills
membership of a sports club
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Some social welfare payments also come as benefi ts-in-kind instead of money, these include: travel passes electricity allowances
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Discussion
Pocket money is the main source of income for many teenagers. However, sometimes pocket money is not enough to buy all the things you need. A possible solution is to do specifi c extra paid work for your parents, relatives or neighbours. For example: painting a room or garden shed, pet minding or walking. Identify at least six other ways that you could use your skills to earn extra money.
Recording Income Everyone should record their income – regular and irregular – over a period of time, such as a week, month or year. Knowing how much income you will have coming in will tell you how much you can afford to spend and how much money you can save.
Example 1: Recording Income in a Notebook 1. Using a notebook, Lucy Foley recorded her planned income over four months.
