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SESSION # 1
What is a Budget?
WHAT IS A BUDGET?
• A budget is a plan to spend your money
• Budgets help us ensure we will always
have money for the thin...
WHO USES A BUDGET?
•EVERYONE
•It doesn’t matter how much
money you have!
DO YOU THINK YOU BUDGET
WELL?
•Let’s find out!
1st RULE OF
BUDGETING
SPEND LESS THAN YOU
EARN!
KEY COMPONENTS OF A BUDGET
•INCOME: All forms of earnings
• Pay cheques, child support, disability payments,
pensions, pub...
KEY COMPONENTS OF A BUDGET
•EXPENSES: All forms of payments
• All money going OUT of your bank account
EXPENSES
•Fixed Expenses: Payments that stay
the same every month
• Example: rent, mortgage payment
EXPENSES
• Variable Expenses: Payments that change
from month to month
• Example: utilities, groceries, gas, child
care
EXPENSES
•What is considered an expense?
EXPENSES
Rent Daycare Hair cuts/personal care
Home phone Bus pass Clothing
Cell phone Car insurance Gifts
Water Vehicle ma...
Can anyone think of any other
possible expenses that aren’t on this
handout?
EXPENSES
•Let’s make some lists of YOUR
expenses
EXPENSES
• In the table provided make a list of all of YOUR
expenses
• You don’t need to add the amounts just yet
• Only l...
INCOME
• What is considered to be income?
INCOME
Pay Cheque Child support
Social Assistance Alimony
GST rebates Baby bonus
Canada Pension Plan
(CPP)
Withdrawal from...
INCOME
• Can you think of any other sources of
income that you might receive?
INCOME
•Let’s make a list of your incomes
INCOME
•In the chart provided, list the
names/categories of income you
receive
• You don’t need amounts yet
INCOME VS. EXPENSES
•Budgeting is a balancing act
•The goal is for our income to be
higher than our expenses
INCOME VS. EXPENSES
•Let’s make a prediction:
• When we add the actual dollar
amounts to our charts do you think
your inco...
QUESTIONS??
LEARNING ACTIVITY 1
• Write 1 paragraph describing your current
spending habits:
• How do you budget your money now?
• Wha...
NEXT CLASS:
• Bring in copies of your bills, pay cheques,
etc.
• We are going to create a budget
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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
  • Transcript of "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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