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The list includes food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, home insurance, and miscellaneous; it assumes that education is provided freely to all residents of Canada. This is calculated for various communities across Canada and adjusted for family size.
Discretionary income is disposable income (after-tax income), minus all payments that are necessary to meet current bills. It is total personal income after subtracting taxes and minimal survival expenses (such as food, medicine, rent or mortgage, utilities, insurance, transportation, property maintenance, child support, etc.) to maintain a certain standard of living. [8]
Personal life is the course or state of an individual's life, especially when viewed as the sum of personal choices contributing to one's personal identity. [1] Apart from hunter-gatherers, most pre-modern peoples' time was limited by the need to meet necessities such as food and shelter through subsistence farming; leisure time was scarce. [2]
Psychological definition [ edit ] To most psychologists, need is a psychological feature that arouses an organism to action toward a goal , giving purpose and direction to behavior.
The 50/30/20 budget is a simple plan that sorts personal expenses into three categories: "needs" (basic necessities), "wants", and savings. 50% of one's net income then goes towards needs, 30% towards wants, and 20% towards savings. [4]
A person's livelihood (derived from life-lode, "way of life"; cf. OG lib-leit) [1] refers to their "means of securing the basic necessities (food, water, shelter and clothing) of life". Livelihood is defined as a set of activities essential to everyday life that are conducted over one's life span.
Another 25% said they would use a credit card to pay for a $1,000 bill, 13% said they would turn to a family member for the money and 5% said they would take out a personal loan.
The income would have to allow the family to "secure food, shelter, clothing, health care, transportation and other necessities of living in modern society". [9] The definition of a living wage used by the Greater London Authority (GLA) is the threshold wage, calculated as an income of 60% of the median, and an additional 15% to allow for ...