IEB Consumers Notes ENTIRE SYLLABUS! GRADE 10-12
Boost your Consumer Studies marks with these top-notch IEB notes! Covering everything from Housing, Nutrition, Clothing, Design Elements and Principles and Finance. These notes helped me score 85% in Grade 11. They're clear, filled with helpful d...
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller giasalkow26. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.31. You're not tied to anything after your purchase.