Budgeting Basics. Budgeting Basics Life is an Adventure.

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Presentation transcript:

Budgeting Basics

Budgeting Basics Life is an Adventure

OBLIGATIONS WANTS NEEDS DREAMS PLANS DEBTS

Step 1 Where am I? Where do I want to be?

What are your goals?

Step 2 How to Get There? Budgeting

The Budget: A Tool for Reaching Your Goals Savings Income Expenses = +

Money or its equivalent received during a period of time in exchange for labour or services, from the sale of goods or property, or as profit from financial investments. Income

Employment Income less Taxes + Deductions Net salary

Taxes + Deductions Benefits Salary Income

The cost of a product or service that you buy. Vary from person to person, family to family, based on many factors such as your income, goals and spending habits. Expenses FlexibleFixed

Sample Student Budget

Savings Money set aside to: Achieve longer term goals; To pay unexpected expenses; For retirement.

Budget: Bringing It All Together Government of Canada Budget Calculator Check out other budgeting tools online or on your mobile