This document provides guidance on managing your cost of living and spending through creating a budget that distinguishes between needs and wants, tracking different types of expenses, setting savings goals, and putting a budget into practice in order to find extra money that can be allocated to savings each month. It includes worksheets to track income, expenses, and savings goals as well as tips for creating and maintaining a successful budget.
Kakeibo, pronounced "kah-keh-boh,“ is officially a “budgeting journal used to set savings goals and spend wisely”.
It hit the headlines in 1904, when it was promoted as a way for housewives to manage budgets.
The Japanese government encouraged the idea, to help people save
Kakeibo makes you plan how much to spend beforehand rather than writing down what you spent .
At the beginning of each month, you’re meant to sit down and think about:
How much you have to spend ?
How much you want to save ?
What you need to do to reach your goals ?
During the month, you track the money coming in and going out.
Then at the end of each week and month, you
Add up what you’ve spent,
Check if you are meeting your savings goals, and
Think about how you can improve in future.
E-learning Personal Finance Management - with design v2 .pptxakinsumboayomide
Basic financial vocabulary
The goal of financial planning
Tools for financial planning and budgeting
Introduction to savings and investments
Overview of lending products
Ammad Awan Glasgow is also responsible for ensuring that profitable sales volume and strategic objective targets are met for the assigned key accounts.
Kakeibo, pronounced "kah-keh-boh,“ is officially a “budgeting journal used to set savings goals and spend wisely”.
It hit the headlines in 1904, when it was promoted as a way for housewives to manage budgets.
The Japanese government encouraged the idea, to help people save
Kakeibo makes you plan how much to spend beforehand rather than writing down what you spent .
At the beginning of each month, you’re meant to sit down and think about:
How much you have to spend ?
How much you want to save ?
What you need to do to reach your goals ?
During the month, you track the money coming in and going out.
Then at the end of each week and month, you
Add up what you’ve spent,
Check if you are meeting your savings goals, and
Think about how you can improve in future.
E-learning Personal Finance Management - with design v2 .pptxakinsumboayomide
Basic financial vocabulary
The goal of financial planning
Tools for financial planning and budgeting
Introduction to savings and investments
Overview of lending products
Ammad Awan Glasgow is also responsible for ensuring that profitable sales volume and strategic objective targets are met for the assigned key accounts.
More and more families are struggling with finances in WA, leading to increase stress. The workshop provided attendees with information and strategies on budgeting, refinancing, and saving money.
Cash Flow Planning Bonus ProjectPlan AheadWe are told, inMaximaSheffield592
Cash Flow Planning Bonus Project
Plan Ahead
We are told, in business, that we should be proactive; and broadly what is meant by that is to focus our efforts and attention on the long-term and to think in terms of the long-term consequences of our actions.
Proactive people simply will not accept that there is nothing that can be done about the unreasonable boss or the events of daily life - they will point out that there are always choices. It is by the decisions we make, our responses to people, events and circumstances that proactive people can and do affect the future. We may have no control over what life throws at us but we always have a choice about how we are to respond. —Stephen Covey's landmark book The 7 Habits of Highly Effective People
The purpose of creating a Cash Flow Plan is to spend your paycheck on paper before you actually spend it during the month
Remember:
Money is active and always moving
Wealth is no longer measured in what you make a year
Wealth is measured in what you do with your money during a year
You will either be on your way to being wealthy, broke, or poor
Give your money a name
Rent/Mortgage, food, utilities, taxes, insurance, etc.
Money that is simply left unaccounted for will always find a way out of your personal financial plan
This Cash Flow Plan should be done every pay period!
Recommended Percentages used for Budgeting
The following are a compilation of several sources to derive the suggested percentage guidelines. However, these are only recommended percentages and will change dramatically if you have a very high or very low income.
For instance, if you have a very low income, your necessities percentages will be high. If you have a high income your necessities will be a lower percentage of income and hopefully savings (not debt) will be higher than recommended.
ITEMACTUAL %RECOMMENDED %
CHARITABLE GIFTS _________ 10%
SAVING _________ 5-10%
HOUSING _________ 25 -35%
UTILITIES _________ 10-15%
FOOD _________ 15%
TRANSPORTATION _________ 10%
CLOTHING _________ 2-7%
MEDICAL/HEALTH _________ 5-10%
PERSONAL _________ 5-10%
RECREATION _________ 5%
DEBTS _________ 5-10%
Cash Flow Planning
Every dollar of your income should be allocated to some category on this sheet. Money "left over" should be put back into a category even if you make up a new category. You are making the spending decisions ahead of time here. Almost every category (except debt) should have some dollar amount in it.
Fill in the amount for each subcategory under "Subtotal" and then the total each main category under "Total." As you go through your first month, fill in the "Actually Spent" column with your real expenses or the saving you did for that area. If there is a substantial difference in the plan versus the reality something has to give. You will either have to adjust the amount allocated to that area up and another down or you will have to better c ...
Welcome to the Program Your Destiny course. In this course, we will be learning the technology of personal transformation, neuroassociative conditioning (NAC) as pioneered by Tony Robbins. NAC is used to deprogram negative neuroassociations that are causing approach avoidance and instead reprogram yourself with positive neuroassociations that lead to being approach automatic. In doing so, you change your destiny, moving towards unlocking the hypersocial self within, the true self free from fear and operating from a place of personal power and love.
More and more families are struggling with finances in WA, leading to increase stress. The workshop provided attendees with information and strategies on budgeting, refinancing, and saving money.
Cash Flow Planning Bonus ProjectPlan AheadWe are told, inMaximaSheffield592
Cash Flow Planning Bonus Project
Plan Ahead
We are told, in business, that we should be proactive; and broadly what is meant by that is to focus our efforts and attention on the long-term and to think in terms of the long-term consequences of our actions.
Proactive people simply will not accept that there is nothing that can be done about the unreasonable boss or the events of daily life - they will point out that there are always choices. It is by the decisions we make, our responses to people, events and circumstances that proactive people can and do affect the future. We may have no control over what life throws at us but we always have a choice about how we are to respond. —Stephen Covey's landmark book The 7 Habits of Highly Effective People
The purpose of creating a Cash Flow Plan is to spend your paycheck on paper before you actually spend it during the month
Remember:
Money is active and always moving
Wealth is no longer measured in what you make a year
Wealth is measured in what you do with your money during a year
You will either be on your way to being wealthy, broke, or poor
Give your money a name
Rent/Mortgage, food, utilities, taxes, insurance, etc.
Money that is simply left unaccounted for will always find a way out of your personal financial plan
This Cash Flow Plan should be done every pay period!
Recommended Percentages used for Budgeting
The following are a compilation of several sources to derive the suggested percentage guidelines. However, these are only recommended percentages and will change dramatically if you have a very high or very low income.
For instance, if you have a very low income, your necessities percentages will be high. If you have a high income your necessities will be a lower percentage of income and hopefully savings (not debt) will be higher than recommended.
ITEMACTUAL %RECOMMENDED %
CHARITABLE GIFTS _________ 10%
SAVING _________ 5-10%
HOUSING _________ 25 -35%
UTILITIES _________ 10-15%
FOOD _________ 15%
TRANSPORTATION _________ 10%
CLOTHING _________ 2-7%
MEDICAL/HEALTH _________ 5-10%
PERSONAL _________ 5-10%
RECREATION _________ 5%
DEBTS _________ 5-10%
Cash Flow Planning
Every dollar of your income should be allocated to some category on this sheet. Money "left over" should be put back into a category even if you make up a new category. You are making the spending decisions ahead of time here. Almost every category (except debt) should have some dollar amount in it.
Fill in the amount for each subcategory under "Subtotal" and then the total each main category under "Total." As you go through your first month, fill in the "Actually Spent" column with your real expenses or the saving you did for that area. If there is a substantial difference in the plan versus the reality something has to give. You will either have to adjust the amount allocated to that area up and another down or you will have to better c ...
Welcome to the Program Your Destiny course. In this course, we will be learning the technology of personal transformation, neuroassociative conditioning (NAC) as pioneered by Tony Robbins. NAC is used to deprogram negative neuroassociations that are causing approach avoidance and instead reprogram yourself with positive neuroassociations that lead to being approach automatic. In doing so, you change your destiny, moving towards unlocking the hypersocial self within, the true self free from fear and operating from a place of personal power and love.
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?
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?
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?
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) $
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
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?
