The Art of budgeting.  What is the dumbest thing I have done with my money and what did I learn from it?

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Presentation transcript:

The Art of budgeting

 What is the dumbest thing I have done with my money and what did I learn from it?

The Budgeting Process  phase 1: Assess your personal and financial situation  (needs, values, life situation).  How much money are you earning?  phase 2: Set personal and financial goals.  Do you want to go to college/university?  Buy a car?  phase 3: Create a budget for fixed and variable expenses based on projected income.

 phase 4: Monitor current spending (saving, investing) patterns.  Write it down!!!  phase 5: Compare your budget to what you have actually spent.  Be honest with yourself!  phase 6: Review financial progress and revise budgeted amounts.

well-written personal and financial goals should:  ■ be realistic  A student working part-time is not likely to be able to afford a new car every couple of years.  ■ be stated in specific, (I plan/want to…)  measurable terms  “To save $5,000 for a down payment to buy a house.”

 ■ have a time frame  “To pay off my credit card within the next 18 months.”

 Housing: 35% mortgage / taxes / rent/ insurance / hydro  Utilities: 5% phone / cell phone / gas / cable / internet  Food: 10 – 20% groceries / personal care / baby needs  Transportation: 15 – 20% bus / taxi / fuel / insurance / maintenance / parking  Clothing: 3 – 5% for all members of the family Breakdown of Budgeting Categories

 Medical: 3% health care premiums / specialists / over-the-counter  Personal & Discretionary: 5 – 10% entertainment / recreation / tobacco/alcohol / eating out / gaming / hair cuts / hobbies  Savings: 5 – 10% Plan to save money for expenses that don’t occur every month, as well as for your future. Then you’ll have a little extra available when you need it.  Debt Payments: 5 – 15% Many people find that their budget is quite tight because their monthly debt payments are closer to 25% of their net income

 Put together a realistic budget for yourself. Your Budget

Handout  One sheet will be used to set up Gabrielle’s budget now.  The other sheet will be to rework Gabrielle’s in the way you think it should be.