Go to page 33 of your Activities and Accounts Book to present information from your personal budget in a chart of your choice.
CSO Household Budget Survey
The Central Statistics Office (CSO) publishes the Household Budget Survey, which looks for patterns in household expenditure in Ireland.
In groups, research how the CSO collects expenditure data from Irish households. How many households are surveyed? Who in the household takes part and how is their spending recorded? What other data is collected? How does the CSO present its findings?
RESEARCH TIP: visit cso.ie and search for ‘Household Budget Survey’ using the search box.
CHAPTER SUMMARY
• A budget is a plan that shows expected income and expenditure for a certain period of time. • Net cash is the difference between planned income and planned expenditure. • If the planned income is greater than the planned expenditure, the net cash is a surplus (+). • If the planned expenditure is greater than the planned income, the net cash is a deficit (–). • Opening cash is any money an individual or household has at the start of a given period. • Closing cash is any money an individual or household has at the end of a given period. • The closing cash for one month is the opening cash for the next month.
• If an overall budget deficit is shown in the closing cash figures, a household will need to review its budget and take steps to avoid a deficit.
• Charts and graphs can allow a household to identify trends or patterns in its spending. • Summary of calculations:
Net cash = total income – total expenditure Closing cash = net cash + opening cash Total expenditure = fixed expenditure + irregular expenditure + discretionary expenditure
Taking stock A 52
Go to page 34 your Activities and Accounts Book to check what you have learned in chapter 4.
