Explain the difference between personal income and personal expenses in short sentences

Answer 1

Personal income refers to the money that an individual earns from sources such as salaries, wages, and investments. Personal expenses, on the other hand, are the money that an individual spends on goods and services, such as rent, groceries, and entertainment. The difference between personal income and expenses is often referred to as personal savings, which represents the amount of money that an individual is able to set aside for future use.