Exercise: Your available sources of income
Exercise objective:
To improve your knowledge of your available sources of income. Often, adults base their budget on one or few sources of income, and they do not consider receipts such as gifts or tax refunds as income at all and spend them in an unplanned way, often on impulsive purchases.
Instruction:
Enter below all the ways you can legally earn or receive money – the more ideas, the better. We encourage you to think outside the box. Think about how your relatives, friends, neighbours in Poland or friends in another country earn money.
What have you done before to earn money?
My ideas for sources of income:
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Feel free to compare the list with the following options:
- Salary for work:
- Permanent (employment contract)
- Casual (contract of mandate, contract of specific work, hourly work)
- Social benefits/benefits:
- E.g. 800+ , family allowance, permanent allowance, periodical allowance, special purpose allowance (paid by Social Assistance Centres).
- Housing allowances, energy allowances.
- Scholarships (e.g. scientific, social).
- Income from own activity:
- Running a small business, sole proprietorship
- Rental income:
- Renting a flat, room, garage, other property.
- Interest on savings:
- Money earned on bank deposits, savings accounts.
- Investment income:
- E.g. gold, silver, coins, shares, bonds (for the more advanced).
- Gifts from family or friends:
- Money received on the occasion of birthdays, holidays, weddings.
- Inheritance:
- Money or property inherited.
- Pension, retirement:
- Regular benefits due to incapacity or on reaching retirement age.
- Task/seasonal work:
- Small assignments, seasonal work (e.g. fruit picking, catering work during the summer season).
- Earning online:
- E.g. blogging, YouTube channel, Instagram (if it generates income from advertising, collaborations)
- Selling handicrafts online (e.g. local portals)
- Selling unnecessary things (e.g. “garage sale”, selling clothes on Vinted, OLX, Allegro)
- Tax refunds:
- Overpayment of income tax (received once a year)
This exercise combines with next exercise, which will be discussed in the next lesson. We recommend doing them together to experience the whole process of learning to categories income and expenditure.