Session # 1

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  • Hand out the budgeting skills self assessment
  • Hand out Likely Expenses sheet
  • Banking fees, housekeeping costs (cleaning products, paper towel, wash cloths, outdoor maintenance), church donations, PETS
  • Session # 1

    1. 1. SESSION # 1 What is a Budget?
    2. 2. 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
    3. 3. WHO USES A BUDGET? •EVERYONE •It doesn’t matter how much money you have!
    4. 4. DO YOU THINK YOU BUDGET WELL? •Let’s find out!
    5. 5. 1st RULE OF BUDGETING SPEND LESS THAN YOU EARN!
    6. 6. 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
    7. 7. KEY COMPONENTS OF A BUDGET •EXPENSES: All forms of payments • All money going OUT of your bank account
    8. 8. EXPENSES •Fixed Expenses: Payments that stay the same every month • Example: rent, mortgage payment
    9. 9. EXPENSES • Variable Expenses: Payments that change from month to month • Example: utilities, groceries, gas, child care
    10. 10. EXPENSES •What is considered an expense?
    11. 11. EXPENSES Rent 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
    12. 12. Can anyone think of any other possible expenses that aren’t on this handout?
    13. 13. EXPENSES •Let’s make some lists of YOUR expenses
    14. 14. 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
    15. 15. INCOME • What is considered to be income?
    16. 16. INCOME Pay Cheque Child support Social Assistance Alimony GST rebates Baby bonus Canada Pension Plan (CPP) Withdrawal from investments such as RRSP, RESP, etc.
    17. 17. INCOME • Can you think of any other sources of income that you might receive?
    18. 18. INCOME •Let’s make a list of your incomes
    19. 19. INCOME •In the chart provided, list the names/categories of income you receive • You don’t need amounts yet
    20. 20. INCOME VS. EXPENSES •Budgeting is a balancing act •The goal is for our income to be higher than our expenses
    21. 21. 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?
    22. 22. QUESTIONS??
    23. 23. 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?
    24. 24. NEXT CLASS: • Bring in copies of your bills, pay cheques, etc. • We are going to create a budget

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