Consumer Studies
Notes
Grade 10-12
INDEX
1
,Finance…………………………………………………..pg 2-16
Nutrition……………………………………………….pg 17-38
Housing…………………………………………………pg 39-43
Clothing…………………………………………………….pg 43-44
Design elements and principles……………………..pg 45-49
2
, INCOME AND EXPENDITURE
HOUSEHOLD INCOME
DATA
Collection of raw information
Statistics
Interpreting data
Financial Income
Money earned over time
Non-Financial income
Products and services that someone receives without using money- bartering
Stats SA draw comparison between the income and expenditure of different races, ages,
income, groups, sexes and different provinces.
• Allows us to compare how different people spend their money and on what.
SOURCES OF INCOME
Non-financial income
• Doing own housework
• Cooking
• Public services
• Buying habits-sale
3
,Financial income
Income from labour Wages, salary, commission, bonus
Income from produce Farming
Income from investments Interest, dividends, rentals
Retirement income pension
Social security grants Foster child, covid, government pension
Fringe benefits Extra income from employer
Casual income Gifts, inheritance
4
, Expenditure patterns
WHAT INFLUENCES IT?
1) Socio-Economic Position
How much we earn.
• Low socio economic- essential items
• Middle- Education
• High- designer clothes, holidays, education
2) Type of household and family life cycle
Influences how much we spend due to household conditions
• Eg. Family with 2 kids over family with 4 kids (2x more expensive)
3) Age
Changes in buying habits and what you buy as you get older
4) Other factors
• culture and religion
• Inflation
• Cost of living
• interest rate
• residential area
5
, HOUSEHOLD BUDGET
• A budget is a detailed breakdown of all your income and planned expenses for a
specific period of time. This must include savings for that period of time.
• This helps you to meet your financial goals and allow you to plan ahead.
What to budget:
• See exactly how much money we have available
• Stay in control of our money
• Decide how much money there is to spend and prevent impulse spending
• create a savings plan
• Reach financial goals
• pay off your debt and live within you means
PRINCIPLES OF BUDGETING
1) Assess your needs
• needs versus wants
2) Set realistic goals
• Long term
• Short term
3) Control and record spending
• Record what you are spending your money on
4) Spend less than you earn
• Cut down
5) Prepare for the unexpected
• Covid
6) Make your money work
• Look how it can benefit you
• Interest rates and investment
6
Notes
Grade 10-12
INDEX
1
,Finance…………………………………………………..pg 2-16
Nutrition……………………………………………….pg 17-38
Housing…………………………………………………pg 39-43
Clothing…………………………………………………….pg 43-44
Design elements and principles……………………..pg 45-49
2
, INCOME AND EXPENDITURE
HOUSEHOLD INCOME
DATA
Collection of raw information
Statistics
Interpreting data
Financial Income
Money earned over time
Non-Financial income
Products and services that someone receives without using money- bartering
Stats SA draw comparison between the income and expenditure of different races, ages,
income, groups, sexes and different provinces.
• Allows us to compare how different people spend their money and on what.
SOURCES OF INCOME
Non-financial income
• Doing own housework
• Cooking
• Public services
• Buying habits-sale
3
,Financial income
Income from labour Wages, salary, commission, bonus
Income from produce Farming
Income from investments Interest, dividends, rentals
Retirement income pension
Social security grants Foster child, covid, government pension
Fringe benefits Extra income from employer
Casual income Gifts, inheritance
4
, Expenditure patterns
WHAT INFLUENCES IT?
1) Socio-Economic Position
How much we earn.
• Low socio economic- essential items
• Middle- Education
• High- designer clothes, holidays, education
2) Type of household and family life cycle
Influences how much we spend due to household conditions
• Eg. Family with 2 kids over family with 4 kids (2x more expensive)
3) Age
Changes in buying habits and what you buy as you get older
4) Other factors
• culture and religion
• Inflation
• Cost of living
• interest rate
• residential area
5
, HOUSEHOLD BUDGET
• A budget is a detailed breakdown of all your income and planned expenses for a
specific period of time. This must include savings for that period of time.
• This helps you to meet your financial goals and allow you to plan ahead.
What to budget:
• See exactly how much money we have available
• Stay in control of our money
• Decide how much money there is to spend and prevent impulse spending
• create a savings plan
• Reach financial goals
• pay off your debt and live within you means
PRINCIPLES OF BUDGETING
1) Assess your needs
• needs versus wants
2) Set realistic goals
• Long term
• Short term
3) Control and record spending
• Record what you are spending your money on
4) Spend less than you earn
• Cut down
5) Prepare for the unexpected
• Covid
6) Make your money work
• Look how it can benefit you
• Interest rates and investment
6
