Budgeting
A plan made in advance regarding the expenditure of money based on available income.
An amount that you can earn before you are required to pay income tax.
Money received, especially on a regular basis, for work or through investments.
A legal contract that transfers risk from a policyholder to an insurance provider.
10% tax on all goods, services and most consumables
The value of one currency for the purpose of conversion to another.
Regular payment made into a fund by an employee towards a future pension.
Start tracking all of the money you spend for a period of time, usually a month, so that you have an understanding of where your money goes.
A withholding tax which requires you to pay incremental amounts which accumulate towards your expected end of year income tax liability
Government entirely or predominantly determines the rate.
It is the income that remains after taxes and fixed expenses (such as rent or mortgage, utilities, insurance) are paid.
What is discretionary income?
A unique number we issue to individuals and organisations to increase the efficiency in administering tax
Mortgage or rent payments
Tax you pay on a gain that you have received when selling assets, shares or other investments.
Being specific, realistic and set within a time frame.
What factors need to be taken into consideration when setting financial goals?