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Tracking Income and Expenses

Category: On the Web | Age Group: 18+ (Transition years)

TOPIC:

Building a budget

RESOURCES NEEDED:

Internet access

LEARNING OPPORTUNITY:

A budget keeps track of income and expenses during a specific time period. Knowing where your money is coming from and where it is going will help you reach your financial goals.

THE ACTIVITY:
  • Open the following website and download the “My Money $ My Future Workbook — High School Edition.” http://www.mymoneymyfuture.ca/?page_id=14
  • Read pages 8–11 and create your own budget using the chart provided.
  • If your income exceeds your expenses, consider where best to invest your surplus to make your money grow. If your expenses exceed your income, see if there are expenditures that you can do without.
TIPS:
  • Just taking the time to write down your income and expenses is often enough to help you see where and how to reduce expenses.
FOLLOW UP IDEAS:
  • Investigate the rates of financial institutions to find best ways of making your savings grow.
WEBSITES: