Income is the money that comes into the home. This could be paid through employment, savings, and investments or from benefits that will be paid by the government if a person is unemployed or who have a disability. Expenditure is money spent to provide for everyday living needs, the amount of expenditure is determined through household income.
If you have a high income it allows you better choices of housing, diet, education, health services and transport. Having a higher income will lead to a higher expenditure, having this it will lead to a better life style. Accommodation will be more sufficient and there will less chance of health risks, this will amount to a better quality living. Affording to pay for health care such as private care or just being able to afford for medication if you fall ill. If you have a more wealthy expenditure you will have a better source of food and more opportunities for fresh products and less processed foods. More extravagant food such as rich foods and wines are affordable and are a good boost. Being able to afford transport will allow an adult the ability to get to and from places such as further education. A steady income will produce less stress and worry if everything is under control.
Being able to afford heating bills will prevent illnesses such as respiratory problems, this will be caused to lack of heating and this will amount to increase in damp. Unnecessary household problems from lack of income can cause debt. More processed foods will be in the diet as they are a lot cheaper than fresh fruit and vegetables for example. Health will plummet dramatically if sufficient heating and health care is not in place. Heart attacks, stress and depression are all part of having an unhealthy life style. Having a low income makes it difficult to get about; using public transport or walking tends to be the only option, so to take part in further education it may be difficult and will put a lot of lower income family off going into further education.
Housing is important to every person. It is where you live and a place to make memories.
Courtney from Study Moose
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