You need to be logged in to see your course progress.

5 Common Sources of Income in a Household

Financial Literacy


Complete the units, enroll in new courses, answer survey questions

By gaining points, you can win a personalised one on one coaching session

Complete the course to see how your learning has improved and gain 10 points

Answer the questions in each unit to generate your custom action plan and gain points

Collect points to be able to ask an expert any question you may have

Unit Video

Unit Summary

Any source of money received by a household, usually on a regular basis, is called “Income”.
Five common kinds of income in a household:
  • Salaries
  • Sales of products or services
  • Pensions
  • Profits from investments
  • Gifts or Remittances

Build Your Action Plan

Hi. In this video, you will learn about the 5 common kinds of income sources in a household.
Where is money entering your household coming from? Your daily job, maybe extra cash you receive from after school tutoring, spouse’s income or a long distance family member helping out with your expenses.
Any source of money received by a household, usually on a regular basis, is called “Income”.  A household needs income to meet its basic needs and to enjoy the wants it desires.
Here are the five common kinds of income in a household:
  • Salaries: a fixed sum of money, usually received every month, for doing a particular job.
  • Sales of products or services: making your own money by selling products or services. It can also be money received from selling handmade goods or providing vocational services in your free time. This can be a side income received in addition to your main salary.
  • Pensions: money received regularly, during years of employment, to be saved for retirement.
  • Profits from investments: for example, buying a property; hoping its value increases over time giving you profitable returns. Also, buying bonds or stocks can help you gain money from their profits (to be explained later in the coming courses).
  • Gifts or Remittances: rewards or money received without an effort. Usually money received from family working abroad to help in household expenses.
Without income we cannot survive and the more income we make the more chances we get to live life in our own way. So start working on increasing your income levels!