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PERSONAL FINANCE It is important to plan the finance for any regular expenditure such as the basic needs of any person like food, clothes, accommodation, bills etc. To be able to for fill all your personal needs you must have some kind of personal income, which will cover these expenses. The sources of personal income might be: Salary or wages A regular earned income from employment, for these earnings the employee and the employer both have to pay a deduction to the government such as income tax and N.I. contribution. Overtime An extra earned income for the additional hours of work Commissions An employee can get a percentage of the selling price of product from his/her employer. Bonus Bonus is an earning for good performance at work place. Interest Interest using your money to create more money, expressed as a rate per period of time, usually one year, in which case it is called an annual rate of interest. Winnings You...

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