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. KEY COMPONENTS OF A BUDGET
•EXPENSES: All forms of payments
• All money going OUT of your bank account
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. Can anyone think of any other
possible expenses that aren’t on this
handout?
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
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. INCOME
• Can you think of any other sources of
income that you might receive?
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?
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. NEXT CLASS:
• Bring in copies of your bills, pay cheques,
etc.
• We are going to create a budget
Editor's Notes
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