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Money

Income is the money you gain as payment for work, or the welfare benefits paid to you when you are unemployed or unable to work. If you inherit a legacy or other valuable gift, these acquisitions are also considered income.

A taxation system applies to money you earn, gain or inherit. Most types of money are subject to taxation. The exemptions are money payments received to compensate you for personal injury or if you win the National Lottery. When you apply for welfare benefits, your money and savings are considered to assess your entitlements.

Credit is not the same as money. When you pay for goods or services with a credit card, you are borrowing money from a bank or building society. You must repay the amount borrowed in an agreed period and pay high interest costs on the amount borrowed. If you do not repay credit, you will accumulate a debt which the bank or building society will demand from you.

Managing money involves budgeting and saving enough to meet personal and household bills. If your weekly or monthly payments exceed the amount of money you own, seek help from an impartial adviser. An impartial adviser is someone who is not selling you goods or services. Do not borrow money as a loan to clear existing debts until you have listened to expert advice.