Budget, A plan for spending that estimates income and expenditure for a set period of time, Guidelines to follow, Estimate total income, list all expenditure, allocate a % of income, allocate savings, review and evaluate, MABS, Confidential and free service for people who are in debt or at risk or debt, Debit card, Money deducted directly from a consumers current accound, Direct debit, Involve variable sums of money e.g. phone bills that are paid directly out of consumer's current account, Standing order, Involves fixed sum of money e.g. rent, paid directly out of the current account, Credit card, Allow consumers to purchase goods or services when they do not have sufficient funds and repay at a later date, There's a credit limit and must be paid back with interest, Hire purchase, Combination of hiring and buying goods. Consumers have use of the good while paying repayments to the owner of the good. They own the good at the end, Consumer credit act 1995, Protects borrowers and regulates various aspects of credit. Monitors credit advertising and annual percentage rate, APR, Annual percentage rate - incorporates the annual interest rate that apply when taking out credit

Budgeting

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