Personal Budgets

Personal Budgets

In This Chapter:-How to keep Financial Records-How to create a personal budget-How to balance a budget-How to analyze a budget

What is a budget?

A method of keeping track of your

What $$ do you need to keep

track of?

Income

Expenses

$$ that comes in and $$ that goes

out

How to you start a budget?

Start by asking

What are some examples of

questions that should be asked?

1.What is my income?

Gross vs. Net

2.What are my Expenses?

Make a list of your MONTHLY expenses

What are monthly expenses?

List as many expenses as you can

think of

-Rent-Phone

-Entertainment

-Groceries-Transportation-Internet

-Cable-Hydro

Some Expenses that you didn’t think of…

-Moving expenses-Furnishings

-Vehicle Maintenance-Banking fees-Long Distance Calls-Laundry

-Medical-Insurance – auto/personal

A budget Organizes this information

How would you organize your

income/expenses?

Income Expenses

Paycheque $1500 Rent $450

Birthday Gift $50 Cable $56

Yard Work for Parents $100 Phone $75

Hydro $35

Car Ins. $125

Internet $15

Groceries $400

Gas $100

Entertainment $150

Total $1650 Total $1450

Surplus $200 Deficit