Expenditure ch 2

List 3 FI where we save money

Bank ,An post,Credit union

Opportunity cost

The item we didn’t buy because we chose a different item

Financial cost

The amount of money paid for an item

False economy

A purchase that appears to save money but leads to further expenditure in the long run

Impulse buying

When we buy without planning

Overspending

Expenditure should not be more than income

Fixed expenditure

Payment on a regular basis

Irregular expenditure

Payment when the amount and/or when it’s paid depends on usage

Discretionary expenditure

Payment for things we want but don’t need