Session # 2 Budgeting Workshop

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Budgeting Workshop

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Session # 2 Budgeting Workshop

  1. 1. CREATING A BUDGET SESSION # 2
  2. 2. DEFINITIONS REFRESHER • Variable = changes every month • Fixed = the same every month • Estimate = a guess • Income = money coming in • Expenses = money going out
  3. 3. INCOME •Let’s start by filling in an INCOME CHART • Refer to the list we made last session, but this time include a monthly amount
  4. 4. TIPS • If your income is different each month use the least amount of money you can receive…… if you make more, it’s BONUS!
  5. 5. TIPS • Always UNDERestimate when working with income • Do not include extras like over time or gifts because this is not guaranteed money
  6. 6. INCOME • Total all of your income and enter it at the bottom of your chart • Put your income chart aside for now
  7. 7. EXPENSES • Fill in the EXPENSES CHART • Refer to the list we made last session, but this time include a monthly amount
  8. 8. TIPS • If you are tracking a bill that is a variable expense use the amount from the month that was the largest amount you have ever paid • Example: Your hydro bill might be $150 in July because you run your air conditioner, but only $90 in September when the windows can be open
  9. 9. TIPS • Always OVER estimate when dealing with expenses so you are prepared for a higher bill
  10. 10. EXPENSES • Review your chart & make sure you haven’t missed a single expense • Coffee? • Cigarettes? • Gambling? • Alcohol? • Fast food?
  11. 11. EXPENSES • Total your expense chart and record the amount at the bottom of your chart
  12. 12. LET’S COMPARE • Which number is higher? • Income or expenses?
  13. 13. LET’S COMPARE • If your income is higher, how much do you have left over at the end of each month? • Income – expenses = ________
  14. 14. LET’S COMPARE • If your expenses are higher than your income, how much money do we need to cut back by each month? • Expenses – income = _________
  15. 15. MANAGING OUR MONEY • Sometimes we don’t realize how much we are spending…
  16. 16. MANAGING OUR MONEY • There are many ways we can be more financially organized
  17. 17. CHALLENGE!! • Carry this notebook with you for the next 2 weeks • Write down every single purchase you make • In 2 weeks we will add everything up and determine whether you are aware of everything you spend money on
  18. 18. MANAGING OUR MONEY • Save every receipt from every purchase you make each month • Store them in a folder, an envelope, a shoe box, anything you have • Add them up at the end of the month
  19. 19. MANAGING OUR MONEY • Keep your monthly bills organized using a filing system that works for you • Keep them in a safe place
  20. 20. MILESTONE # 9 • Read a course information package & course schedule • Evaluates your ability to understand documents
  21. 21. NEXT CLASS • Cutting back to balance your budget or save more • Make sure to be using your notebooks, I will be checking for entries!
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