Where do people get their money from and where does it go? Well, if someone in your household works, you will have an income, income is the money that you get. Different people spend their money in different ways, a person my age around 11-13 may be thinking about saving for something that they want or they might just want to spend it straight away. Where people who are the main money makers in their house will spend their money on more important things. In this explanation, I am going to talk about how people receive and spend their money.
For a child or young person, their money will most probably be coming from their parents or from doing small jobs around the place. When you are at that age, there aren’t many things that you need to pay for so they just spend it on whatever they want. These things include food, clothes, shoes and maybe savings for something that they want. As we get older, we think more about the bigger picture and about how we can be financially responsible.
Adults who need to provide for themselves or for other people budget their money so they can get everything they need. So there will be money for the bills, food, school fees etc. They may also put some money aside for savings but most of their money will be spent somehow to provide everything they need. It is very important for adults in this situation to be financially responsible so that their money to is spent on things they need before anything else. Another way of saying being financially responsible is getting your priorities straight.
So now you have read about how people receive and spend their money. I hope you have learnt something about being financially responsible. It is good to know how people of different ages and people in different positions spend their money.