2. DEFINITIONS REFRESHER
• Variable = changes every month
• Fixed = the same every month
• Estimate = a guess
• Income = money coming in
• Expenses = money going out
3. 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
4. TIPS
• If your income is different each month
use the least amount of money you can
receive…… if you make more, it’s
BONUS!
5. TIPS
• Always UNDERestimate when working
with income
• Do not include extras like over time or
gifts because this is not guaranteed
money
6. INCOME
• Total all of your income and enter it at
the bottom of your chart
• Put your income chart aside for now
7. EXPENSES
• Fill in the EXPENSES CHART
• Refer to the list we made last session,
but this time include a monthly amount
8. 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
9. TIPS
• Always OVER estimate when dealing
with expenses so you are prepared for a
higher bill
10. EXPENSES
• Review your chart & make sure you
haven’t missed a single expense
• Coffee?
• Cigarettes?
• Gambling?
• Alcohol?
• Fast food?
11. EXPENSES
• Total your expense chart and record the
amount at the bottom of your chart
17. 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
18. 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
19. MANAGING OUR MONEY
• Keep your monthly bills organized using
a filing system that works for you
• Keep them in a safe place
20. MILESTONE # 9
• Read a course information package &
course schedule
• Evaluates your ability to understand
documents
21. NEXT CLASS
• Cutting back to balance your budget or
save more
• Make sure to be using your notebooks, I
will be checking for entries!