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Where money goes
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Where money goes
It is often said, “the best things in life are free”. Everything else, however, costs money.
Money is often linked with entertainment. This is because it allows people to buy an item or service that they want to have for their own leisure and enjoyment. Shops are crammed full of CD’s, DVD’s, videos, computer games, clothes, magazines, toys and gadgets all for our enjoyment, and we are more than happy to part with our hard earned cash in exchange for these items.
There is, however, a more important role in our lives that money plays a part in. The basic cost of living doesn’t come cheap, and the older you get, the more responsibility you will have with your money.
Everyone who lives in this country, who has an income over a certain amount, is expected to pay a percentage of what they earn in the form of Tax and National Insurance. This is normally deducted from your pay packet before the money is paid to you, and given directly to the government.
The government uses the Tax and National Insurance contributions that we make to pay for the overall running of the country. These contributions help to pay for the hospitals, the schools, the emergency services and the maintanance of our roads, in addition to the many other services that keep our country running.
For more information and activities on tax please visit www.doughuk.com
After these deductions have been taken and paid to the government, the remaining amount should be paid directly to you. Most employers will pay your salary straight into a bank account in your name, however this is not always the case, as some employers may prefer to pay you either by cash or by cheque.
When you move away from home for the first time, you will be expected to pay all kinds of bills before you can start spending your wages on the latest computer games, or a new pair of designer shoes. It is important that these bills are paid, otherwise you could find yourself running up un-necessary debts which could lead to you losing your home and having legal action taken against you.
These bills will cover your Rent or Mortgage payments, your Council Tax, your electricity and gas supply, and your water rates. You will also need to ensure that you have enough money to pay your TV licence and telephone bills if you have them, and your weekly food shopping. As you can see, it all adds up.
After all these important bills have been paid, its up to you how you spend the rest of your cash.
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