1. Personal Finance: Budgeting KCSS

2. Learning Goals:  We are learning how to create a personal budget  We using technology (Excel) to create a monthly budget  We are learning how appropriate spending and saving can improve financial well being

3. Success Criteria:  I can work in my group to create a weekly food budget for a “typical” family  I can use Excel to complete my monthly budget.

4. Game Plan  Money lessons from the “rich” http://www.theloop.ca/living/money/the-next-step/photo- gallery/-/p/6641/Money-lessons-from-the-rich/2545950 Money lessons from the “rich http://www.theloop.ca/living/money/the-next-step/photo- gallery/-/p/6641/Money-lessons-from-the-rich/2545950  Investor Ed: Track-o-matic http://getsmarteraboutmoney.ca/en/managing-your- money/planning/budgeting/Pages/video-track-your-spending- track-o- matic.aspx?group=Funny%20Money&page=1#.UlR1quBg8dI http://getsmarteraboutmoney.ca/en/managing-your- money/planning/budgeting/Pages/video-track-your-spending- track-o- matic.aspx?group=Funny%20Money&page=1#.UlR1quBg8dI  Article: Allowance Breakdown How kids are spending & Questions  Creating a balanced budget  SGA budgeting (small group activity)

5. Inside Circle/Outside Circle  On the sticky note provided, list all of the things you purchased in the past month (as many as you can remember)  On the back, list the total you spent and how you “earned” that money

6. Fill in the T-chart on the following slide:  What are the different forms of earning income ?  What are the different expenses you/your family have per month?

7. Creating A Budget Income (money in) Examples Expenses (money out) Examples

8. Budgeting  Investor Ed  http://getsmarteraboutmoney.ca/en/managing-your- money/planning/budgeting/Pages/Create-a- balanced-budget.aspx#.UlR2SuBg8dI http://getsmarteraboutmoney.ca/en/managing-your- money/planning/budgeting/Pages/Create-a- balanced-budget.aspx#.UlR2SuBg8dI

9. Gail Vaz-Oxlade  http://www.gailvazoxlade.com/ http://www.gailvazoxlade.com/  Youtube Video: Till Debt Do Us Part  http://www.youtube.com/watch?v=1pQJxGIFzd o http://www.youtube.com/watch?v=1pQJxGIFzd o

10. Why Budget?  A budget can help you:  keep track of your income and expenses  stay on top of your monthly bills  be prepared for unexpected expenses  avoid overspending  figure out how much you need to save to meet your financial goals.  Source: Investor Ed

11. 5 Components of a Budget 1. Income after taxes – This is the amount of money you have to work with every month. If you’re self-employed, a seasonal or part-time worker, or paid by commission, your income may vary. To create your monthly budget, take your annual income and divide by 12. Use this amount as your monthly income. 2. Fixed monthly expenses – These expenses tend to stay the same (or close to the same) from month to month. They include bills such as your rent or mortgage, cable, Internet, utilities and fixed loan repayments.

12. 5 Components of a Budget 3. Variable expenses – These expenses change from month to month. They include things like gas, groceries, your daily coffee, meals out and entertainment expenses. 4. Occasional expenses – These expenses come up from time to time, such as clothing, gifts and vacations. 5. Savings – Make room in your budget for short- term emergency savings and longer-term savings to help you reach your financial goals

13. Saving money with Angela Self and Rob Carrick  http://www.getsmarteraboutmoney.ca/en/man aging-your- money/planning/budgeting/Pages/video- saving- money.aspx?group=Saving%20and%20budgetin g&page=1#.UlR4JuBg8dI http://www.getsmarteraboutmoney.ca/en/man aging-your- money/planning/budgeting/Pages/video- saving- money.aspx?group=Saving%20and%20budgetin g&page=1#.UlR4JuBg8dI

14. School of Finance  Finding my finances Finding my finances  http://blog.getsmarteraboutmoney.ca/episode6 -finding-my-finances http://blog.getsmarteraboutmoney.ca/episode6 -finding-my-finances

15. Small Group Activity  You will be divided into 7 groups of 4  Each group will be given a family scenario  You are to create a weekly food budget given your scenario  You will build a monthly budget tomorrow using this information individually

16. Student of Debt  “Racking up $52,000 of debt while living rent free in his parents’ basement, 35 year old perpetual student Chris has a lot to learn. Chris’ wife, Yen, is the breadwinner of the family but now they’re expecting a baby. Gail schools Chris for his carefree attitude towards his crushing student loans and finally gets him to feel the damaging weight of his debt. Once Gail helps Yen find her voice, Chris is forced to make tough choices about his future.”  http://www.slice.ca/shows/EpisodeGuide.aspx?Ti tle_Id=116087&Root_Title_Id=93097 http://www.slice.ca/shows/EpisodeGuide.aspx?Ti tle_Id=116087&Root_Title_Id=93097