Income- Monthly wage received from work

1. Savings

1.1. In terms of our savings, they are basically the bank accounts we set up in which we must regularly put at least 20% of our monthly income into, for future purposes like college, buying a house, or needs.

2. Consumption

2.1. In terms of consumption, it is something that fluctuates regularly in terms of the amount of income we receive, due to us naturally spending more if we had earned more, and spending less if we didn’t earn as much. If we learn how to budget our monthly income, then we will be able to put some of it into a savings account to prepare for the future.