Session # 2 Budgeting Workshop
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Transcript of Session # 2 Budgeting Workshop
![Page 1: Session # 2 Budgeting Workshop](https://reader034.fdocuments.us/reader034/viewer/2022042614/55a243791a28abfc448b4723/html5/thumbnails/1.jpg)
CREATING A BUDGETSESSION # 2
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DEFINITIONS REFRESHER
• Variable = changes every month
• Fixed = the same every month
• Estimate = a guess
• Income = money coming in
• Expenses = money going out
![Page 3: Session # 2 Budgeting Workshop](https://reader034.fdocuments.us/reader034/viewer/2022042614/55a243791a28abfc448b4723/html5/thumbnails/3.jpg)
INCOME
• Let’s start by filling in an INCOME CHART
• Refer to the list we made last session, but this time include a monthly amount
![Page 4: Session # 2 Budgeting Workshop](https://reader034.fdocuments.us/reader034/viewer/2022042614/55a243791a28abfc448b4723/html5/thumbnails/4.jpg)
TIPS
• If your income is different each month use the least amount of money you can receive…… if you make more, it’s BONUS!
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TIPS
• Always UNDERestimate when working with income
•Do not include extras like over time or gifts because this is not guaranteed money
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INCOME
• Total all of your income and enter it at the bottom of your chart
• Put your income chart aside for now
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EXPENSES
• Fill in the EXPENSES CHART
• Refer to the list we made last session, but this time include a monthly amount
![Page 8: Session # 2 Budgeting Workshop](https://reader034.fdocuments.us/reader034/viewer/2022042614/55a243791a28abfc448b4723/html5/thumbnails/8.jpg)
TIPS
• If you are tracking a bill that is a variable expense use the amount from the month that was the largest amount you have ever paid• Example: Your hydro bill might be $150 in July
because you run your air conditioner, but only $90 in September when the windows can be open
![Page 9: Session # 2 Budgeting Workshop](https://reader034.fdocuments.us/reader034/viewer/2022042614/55a243791a28abfc448b4723/html5/thumbnails/9.jpg)
TIPS
• Always OVER estimate when dealing with expenses so you are prepared for a higher bill
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EXPENSES
• Review your chart & make sure you haven’t missed a single expense
• Coffee?
• Cigarettes?
• Gambling?
• Alcohol?
• Fast food?
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EXPENSES
• Total your expense chart and record the amount at the bottom of your chart
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LET’S COMPARE
•Which number is higher?
• Income or expenses?
![Page 13: Session # 2 Budgeting Workshop](https://reader034.fdocuments.us/reader034/viewer/2022042614/55a243791a28abfc448b4723/html5/thumbnails/13.jpg)
LET’S COMPARE
• If your income is higher, how much do you have left over at the end of each month?
• Income – expenses = ________
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LET’S COMPARE
• If your expenses are higher than your income, how much money do we need to cut back by each month?
• Expenses – income = _________
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MANAGING OUR MONEY
• Sometimes we don’t realize how much we are spending…
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MANAGING OUR MONEY
• There are many ways we can be more financially organized
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CHALLENGE!!
• Carry this notebook with you for the next 2 weeks
•Write down every single purchase you make
• In 2 weeks we will add everything up and determine whether you are aware of everything you spend money on
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MANAGING OUR MONEY
• Save every receipt from every purchase you make each month
• Store them in a folder, an envelope, a shoe box, anything you have
• Add them up at the end of the month
![Page 19: Session # 2 Budgeting Workshop](https://reader034.fdocuments.us/reader034/viewer/2022042614/55a243791a28abfc448b4723/html5/thumbnails/19.jpg)
MANAGING OUR MONEY
• Keep your monthly bills organized using a filing system that works for you
• Keep them in a safe place
![Page 20: Session # 2 Budgeting Workshop](https://reader034.fdocuments.us/reader034/viewer/2022042614/55a243791a28abfc448b4723/html5/thumbnails/20.jpg)
MILESTONE # 9
• Read a course information package & course schedule
• Evaluates your ability to understand documents
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NEXT CLASS
• Cutting back to balance your budget or save more
•Make sure to be using your notebooks, I will be checking for entries!