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2023-11 Managing your Cost of Living and Spending.pptx

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Managing your cost of living and spending

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Managing your Cost of Living and
Spending
TOPICS
• Needs vs. Wants
• Fixed/Variable Expenses
• Finding your Money
• Budget Sample
• Savings
QUESTIONS TO THINK ABOUT…
• What is your earliest “Money Memory”?
“Your early experiences often shape your life more than most people think.”
- Unknown
• Where does your money go?
• What would happen if you do not know how to manage your money?
WHAT IS THE
DIFFERENCE?
The need is something you
cannot live without
• Food
• Shelter
• Clothing
• Education
• Anything else?
WANT
Something we would like to have. This makes our lives comfortable,
convenient or fun.
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2023-11 Managing your Cost of Living and Spending.pptx

  • 1. Managing your Cost of Living and Spending
  • 2. TOPICS • Needs vs. Wants • Fixed/Variable Expenses • Finding your Money • Budget Sample • Savings
  • 3. QUESTIONS TO THINK ABOUT… • What is your earliest “Money Memory”? “Your early experiences often shape your life more than most people think.” - Unknown • Where does your money go? • What would happen if you do not know how to manage your money?
  • 5. The need is something you cannot live without • Food • Shelter • Clothing • Education • Anything else?
  • 6. WANT Something we would like to have. This makes our lives comfortable, convenient or fun.
  • 7. 1.1 NEED VS. WANTS WORKSHEET
  • 8. PERSONAL REFLECTION Review ALL the purchases and payments you made in the last two (2) weeks. These may include, but are not limited to: - Paying rent/mortgage - Paying your bills - Buying tea/coffee from Tim Hortons - Online purchases - Take out - What else did you spend on?
  • 9. PERSONAL REFLECTION Total of 62 transactions 0 1 2 3 4 5 6 7 8 9 10 Transactions between November 14 - November 28
  • 10. Of all these purchases and payments, which ones are NEEDS and WANTS? NEEDS: - Bills - Groceries - Savings - Gas - Personal Necessities WANTS: - Miscellaneous - Take out - Online Shopping - Memberships NEEDS/WANTS Wants Needs
  • 11. TYPES OF EXPENSES Fixed expenses – A payment that will stay the same amount, every time you pay. Variable expenses – A payment that will change month to month. This will depend on how use/consumption. Other expenses – different expenses that happen every so often (birthdays, holidays, seasonal items, extracurricular activities)
  • 14.  Do you know how much money you can FIND by calculating what we spend on a daily or weekly basis?
  • 15. TIM HORTONS SCENARIO Calculate Calculate how much these items cost you in a month Add Add the approximate cost List Name an item that you spend daily XL Steeped Tea – Tim Hortons Once a day 5 times a week What is the cost?
  • 16. Daily Cost of Tim Hortons Product Cost Frequency Total Cost per Day Xl Steeped tea $2.60 Once per day $2.60
  • 17. Weekly Cost of Tim Hortons Product Cost Frequency Total Cost per Week XL Steeped Tea $2.60 Five days a week $13.00/week
  • 18. Monthly Cost of Tim Hortons Product Cost per Week Frequency Total Cost per Month XL Steeped Tea $13.00 Multiply by 4.33 $56.29 That’s an expensive box of tea bags
  • 19. REFLECTION  How much money did you find?  Are these items wants or needs?  Are these impulse buys?  Will you make changes on your spending habits?
  • 20. WHAT WILL YOU DO WITH THE MONEY YOU FOUND?
  • 23. LIST YOUR INCOME Income Income from employment (wages) $ Other Income: $ Self-employment Income $ Other Income: $ Government Benefits (GST/HST Credit, Ontario Trillium Benefit, Canada Child Benefit, Ontario Works, etc. $ TOTAL MONTHLY INCOME (A) $
  • 24. LIST YOUR EXPENSES Expenses Housing Expenses Transportation Expenses Rent/Mortgage $ Car payment $ Heat $ Gas $ Hydro $ Maintenance $ Cable/Internet $ Parking $ Phone/Cell phone $ Public Transit $ Other: $ Other: $ Living Expenses Personal Expenses Food $ Entertainment $ Clothing/Laundry $ Dining Out $ Child Care $ Personal grooming and hygiene (clothes, hair, shampoos, soaps, etc.) $ Loan payment $ Gifts/Donations $ Credit Card payments $ Vacation/Travel $ Other: $ Other: $ TOTAL MONTHLY EXPENSES (B) $
  • 25. CALCULATION Monthly Income Monthly Expenses Total Available Money If you have a positive balance, this money could be allocated to savings. If you have a negative balance, you will need to revise your budget!
  • 26. 1.2 BUDGET WORKSHEET Take a few minutes to review the budget worksheet. Income: Input all income items you receive within the month Expenses: Write out how much each expense costs related to your bills. Overall: How much money do you have left? Are you in the negative or is it a positive balance?
  • 27. WHY SAVE MONEY? To buy large items (vehicle/house) Surprise Bills or Emergencies “Pandemics” More Choices (vacations, new wardrobe) Retirement Help family Children’s Education Less Stress
  • 28. GOLDEN RULE OF SAVING: Pay yourself first!
  • 30. When you are planning for your goals, you need to make sure they are achievable for your personal situation. Sample SMART Goals include: • I want a Registered Education Savings Plan for each of my kid’s post-secondary education. • I want to have a 20% down payment for a house in 5 years. • I want to save $10,000 for my start-up business in 4 years. • I want to decrease my outstanding debts by $5,000 in the next 2 years.
  • 31. When you are planning for a specific goal, you are required to invest approximately 5 – 20 % cash.  House: 5%-20% down payment  Car: 5%-10% down payment  Equity into the business:10%–15% at NADF
  • 32. HOW TO START Start small Try forced savings technique Don’t dip into savings Think of what you want to save for and find a method of saving that will ensure you will not touch your saved money.
  • 33. • Keep your budget flexible • Keep your budget simple • Be honest and realistic • Try keeping track of every dollar you spend for a month…it may surprise you! • Requires some trade-offs and sacrifices • Budget for the unexpected • Budget for large items that occur once a year • Keep accurate records
  • 34. PULLING IT ALL TOGETHER • Once your budget is complete and you can visually see where your money is going, how you do feel? • Are there areas in your budget where you can cut back on your spending? • What goals have you set for yourself to manage your spending and savings? • Do you need to adjust your cost of living in order to achieve some of your goals? • Are you willing to make short-term sacrifices in order to reach your goals?
  • 35. Questions? Jamie Hunter, Community Economic Development Coordinator NADF Phone: 807-623-5397 Email: rjhunter@nadf.org

Editor's Notes

  1. Take a few minutes to reflect on needs vs. want worksheet.