Session # 1
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Transcript of Session # 1
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SESSION # 1What is a Budget?
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WHAT IS A BUDGET?
• A budget is a plan to spend your money
• Budgets help us ensure we will always have money for the things we need or want
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WHO USES A BUDGET?
•EVERYONE• It doesn’t matter how much
money you have!
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DO YOU THINK YOU BUDGET WELL?
•Let’s find out!
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1st RULE OF BUDGETING
SPEND LESS THAN YOU EARN!
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KEY COMPONENTS OF A BUDGET
•INCOME: All forms of earnings• Pay cheques, child support, disability payments,
pensions, public assistance, unemployment, gifts• All money that goes IN to your bank account
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KEY COMPONENTS OF A BUDGET
•EXPENSES: All forms of payments• All money going OUT of your bank account
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EXPENSES
• Fixed Expenses: Payments that stay the same every month• Example: rent, mortgage payment
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EXPENSES• Variable Expenses: Payments that change
from month to month• Example: utilities, groceries, gas, child
care
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EXPENSES•What is considered an expense?
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EXPENSESRent Daycare Hair cuts/personal care
Home phone Bus pass Clothing
Cell phone Car insurance Gifts
Water Vehicle maintenance (oil changes, etc.)
Entertainment, alcohol, lottery
Hydro Gas Home/renter insurance
Gas Validation sticker renewal Laundry
Cable Medical Care: prescriptions, dental care, eye glasses
Food
Internet Cigarettes Infant/child care accessories
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Can anyone think of any other possible expenses that aren’t on
this handout?
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EXPENSES•Let’s make some lists of YOUR expenses
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EXPENSES• In the table provided make a list of all of YOUR
expenses• You don’t need to add the amounts just yet• Only list the name of the expenses you have
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INCOME•What is considered to be income?
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INCOMEPay Cheque Child supportSocial Assistance AlimonyGST rebates Baby bonus
Canada Pension Plan (CPP)
Withdrawal from investments such as RRSP, RESP, etc.
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INCOME• Can you think of any other sources of
income that you might receive?
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INCOME• Let’s make a list of your incomes
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INCOME• In the chart provided, list the
names/categories of income you receive• You don’t need amounts yet
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INCOME VS. EXPENSES•Budgeting is a balancing act• The goal is for our income to be
higher than our expenses
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INCOME VS. EXPENSES• Let’s make a prediction:•When we add the actual dollar
amounts to our charts do you think your income will be higher than your expenses?
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QUESTIONS??
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LEARNING ACTIVITY 1
•Write 1 paragraph describing your current spending habits:• How do you budget your money now?•What are you hoping to learn?•What do you already know?
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NEXT CLASS:• Bring in copies of your bills, pay cheques,
etc.•We are going to create a budget