Budgeting Fact Sheet
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Tax 101 Presentation Fact Sheet Wednesday March 11 th 2015: Thomas Lounge in Ryerson’s Student Centre Steps to manage money • The first step to managing money is knowing what is coming in and where it is going out • The second step is making sure the “in” exceeds the “out” so you have enough for your needs and can also save • Budgeting is not difficult and it does not mean going without; it is an organized way to manage your money A budget is…. • An important step to financial security • About choices – choosing how to make and spend money • A spending plan help to control expenses (Moneywise) • A summary of income (what you make) and expenses (what goes out) over certain period of time (CCFL) • A tool that tells you how much money you have, how much you need and what you’re spending your money on (CCFL) • A way to keep track of your money (FDIC) Benefits of a budget? (FDIC) • To be more aware of where money is being spent • Find areas where you can spend less/ save more • Take control of your finances • Feel more confident • Pay bills on time & avoid late penalties • Reduce or pay off debt • Save for financial goals!! Budgeting • Income and expenses should balance (be equal) or there should be money left over. • Budget must remain realistic. • If you cannot make a realistic, balanced budget, talk about the options for changing your personal situation. Financial Literacy
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Transcript of Budgeting Fact Sheet
Tax 101 Presentation Fact SheetWednesday March 11th 2015: Thomas Lounge in Ryerson’s Student
Centre
Steps to manage money• The first step to managing money is knowing what is coming in and
where it is going out• The second step is making sure the “in” exceeds the “out” so you have
enough for your needs and can also save• Budgeting is not difficult and it does not mean going without; it is an
organized way to manage your money
A budget is….• An important step to financial security• About choices – choosing how to make and spend money• A spending plan help to control expenses (Moneywise)• A summary of income (what you make) and expenses (what goes out)
over certain period of time (CCFL)• A tool that tells you how much money you have, how much you need
and what you’re spending your money on (CCFL)• A way to keep track of your money (FDIC)
Benefits of a budget? (FDIC)• To be more aware of where money is being spent• Find areas where you can spend less/ save more• Take control of your finances• Feel more confident• Pay bills on time & avoid late penalties• Reduce or pay off debt• Save for financial goals!!
Budgeting• Income and expenses should balance (be equal) or there should be
money left over.• Budget must remain realistic.• If you cannot make a realistic, balanced budget, talk about the options
for changing your personal situation.
Needs VS. Wants(FDIC;Moneywise)• Get into the habit of asking yourself if something is a need or a want• There is nothing wrong with spending money on wants • But it is important to learn to set spending priorities so you will have
money for things you really need and want
Financial Literacy Workshop
Tip: Small behavior changes will result in big savings. It is important to know the difference between needs and wantBe aware of why you spend: Questions to ask yourself• When does a want become a need?• What motivates me to buy? (advertisements, friends, trendy styles)• Does the urge to buy die the next day?• Do my purchases make me happier?• What can I learn to live without?
Try the 30 day test: write down a list of things you want, wait 30 days and recheck the list. Do you still want these things?
Mon Tues Wed Thurs Fri Sat Sun Total In Budget?
GroceriesClothingOutingsCharity or GiftsUnnecessary desiresTransportationFoodSavings
Sample Budget Sheet
The workshop will also cover: Stretching your dollar Resources and more!
