Income deficit
Okay, let's imagine you have some toys to sell and you're hoping to make some money to buy more toys later. You sell one toy for 5 dollars, hooray! You sell another toy for 5 dollars, double hooray! But then you realize that the new toys you want to buy cost 20 dollars each. Uh oh, you don't have enough money, you're short by ten dollars. That's an income deficit.
When grown-ups talk about income deficit, they're talking about not having enough money to cover all their costs. Sometimes people don't make enough money at their job, or maybe they have unexpected expenses like a big car repair or a medical bill. Whatever the reason, when someone spends more money than they make, they have an income deficit. Just like you can't buy the new toys you want, adults can't always afford everything they want or need when they have an income deficit. But don't worry, there are ways they can try to fix it. They might try to find ways to cut back on their spending or look for ways to earn more money so they can cover their costs.
When grown-ups talk about income deficit, they're talking about not having enough money to cover all their costs. Sometimes people don't make enough money at their job, or maybe they have unexpected expenses like a big car repair or a medical bill. Whatever the reason, when someone spends more money than they make, they have an income deficit. Just like you can't buy the new toys you want, adults can't always afford everything they want or need when they have an income deficit. But don't worry, there are ways they can try to fix it. They might try to find ways to cut back on their spending or look for ways to earn more money so they can cover their costs.