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Budgeting

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  • Andy went to Eaton Centre to buy his clothes because his clothes are wear off
    Needs (Flexible)
  • Discretionary expenses
    Money that you choose to spend. Spending money that you want
  • What budgeting system use mostly cash?
    Envelope System
  • Andy bought a bicycle so that he can ride to his work
    Wants (discretionary)
  • What is expense?
    Money that you spend
  • What is a budget?
     a plan to spend your money.
  • What are the first step to set up the budget?
    Determine your income!
  • Gas for Car
    Needs (Flexible)
  • What are the fourth step to set up your budget?
    Determine Discretionary Expense
  • LONG LONG time ago, when there was no money, which system people use to exchange their goods?
    Barter System
  • Flexible expense is needs or wants?
    needs
  • Andy buys computer for his class needs or wants?
    Needs (Flexible)
  • Discretionary needs or wants?
    wants
  • What are the two components to set up your Budget?
    Income and Expense
  • Andy purchased new clothes, because he loved that design
    Want (Discretionary)
  • What are the second step to set up your budget?
    Determine Fixed Expense
  • TTC (pay to ride)
    Needs (Flexible)
  • What are the three types of expenses?
    Fixed, Flexible, & Discretionary
  • Grocery
    Needs (Flexible)
  • Fixed expense needs or wants?
    needs
  • Andy upgraded his Smartphone because old phone is not working
    Needs (Flexible)
  • What is income?
    Money that you earn (work & government)
  • Andy purchased notes and pen for his school.
    Needs (Flexible)
  • Andy upgraded his smartphone because the new iPhone came out
    Wants (Discretionary)
  • Insurance (home/car)
    Needs (fixed)
  • What are the third step to set up your budget?
    Determine Flexible Expense
  • What are the SMART Goal Stand for?
    Specific, Measurable, Achievable, Realistic, Time-Bound
  • Andy bought a food for his puppy
    Needs (Flexible)
  • Andy purchased airplane tickets to go travel
    Wants (discretionary)
  • Andy went to coffee shop for his coffee in the morning
    Want (Discretionary Expenses)
  • What are the flexible expenses?
    Necessary Spending and amount is changing month to month or year to year
  • Andy went to Nofrills and purchased Milk, Egg, and Bread
    Needs (Flexible)
  • McDonalds
    Want (Discretionary)
  • TTC (Monthly pass)
    Needs (Fixed)
  • Andy adopted puppy
    wants (discretionary)
  • What is Fixed Expense?
    Necessary spending and amount is same month to month or year to year
  • What are the last step to set up your budget?
    Compare you income and expenses (budget!)
  • Hydro BIll
    Needs (Flexible)
  • House
    Needs (Fixed)
  • Pizza Pizza
    Wants (Discretionary)
  • Andy paid his house rent, in the first day of month
    Needs (Fixed)
  • Internet Cable Bill
    Needs (Fixed)
  • Cell-Phone bill
    Needs (fixed)
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