1. Budgeting
Thursday January 17th

2. Definitions
Income is the money that you have. This includes money you have saved (ex. your savings) and money that you earn (ex. your salary).
Expenses represent the money that you spend. This includes the money you spend on food, clothing, and housing.
Budgeting is tracking your monthly income and expenses to monitor where your money is going.

3. You are a student working part time as a Retail Salesperson.
You are completing an undergraduate degree in Psychology.
You are living away from home with a roommate. You take the metro to school and to work.
You need to create a budget for your last year of university to see if you will have enough money to travel once you graduate.
For other expenses to consider: Clothing and Entertainment are each 6% of income. The average person in Canada spends $215 per month on food.
Expenses: Calculate for the year! Income: Calculate for the year!
Tuition - $8000 per year Work income - $1200 per month
Housing - $600 per month Bursary - $1000 per year
Cell Phone - $40 per month Student Loan - $5000 per year
Metro Pass - $120 per month
What is the difference?

4. You’re a recent high school grad working full-time as a cook in a popular restaurant in your town.
Your plan is to work for one year to save up enough money to go to college. The Baking and Pastry Arts program at Niagara College is right up your alley!
You are living at home to save money. You use your car to get to work. You do not have any current savings. As an aspiring Pastry Chef, you love to go out to eat on the weekends with friends.
For other expenses to consider: Clothing and Entertainment are each 6% of income.
Expenses: Income:
Car Insurance Payment - $200 per month Work Income – $1900 per month
Gas - $150 per month Savings – $0
Cell Phone - $50 per month
Gym Membership - $60 per month
Food - $300 per month
Tuition - $6,169.48 for 1 year
Residence - $7280
Other misc. fees - $843.16

5. https://loanscanada.ca/money/what-does-the-average-canadian-budget-look-like/