PERSONAL BUDGET
What is the purpose of a personal budget?
A plan to organize and manage your money
Which activity can pose the greatest threat to your wallet?
A.Getting a latte at Starbucks every day
B.Borrowing money for a car you need to get to work
C.Spending without a plan
What is the monetary cost needed to figure out your budget when looking at housing called
Rent or Mortgage.
How often should you review your monthly budget?
When your income changes or when your expenses changes
What is a fixed income?
An income that remains the same each month.
While in the shelter, what percentage of your monthly income should you be saving each month towards first and last month's rent?
20%
What kind of expense is a rent payment?
Rent payment is a fixed expense
What is a fixed expense?
An expense that remains the same each month.
Which one of these is considered an additional benefit?
(a) Basic Needs (OW/ODSP)
(b) Special Diet
When looking for Housing, if you want to live on your own, what types of housing may be useful to consider?
Studio Apartment,
One Bedroom Apartment,
One Bedroom House
What is an example of a variable expense?
Groceries, Gas, Clothing, ATM Bank Fees, Personal Hygiene Products, hair cut ETC.
Name 2 steps in creating a monthly budget?
1. Calculate expenses 2. Determine your income 3. Set savings and debt payoff goals 4. Record spending and track progress 5. Be Realistic
Which one of these incomes is considered a regular income?
(a) Employment
(b) Child Tax Benefit/Transitional Child Tax Benefit
Name 3 important things you need in order to begin your housing search?
First/last month's rent, Personal Identification, Consistent source of income
True or False: Money borrowed from friend/family does not need to be included in your monthly budget form.
FALSE
What is disposable Income?
Disposable income is money you have left over after you have paid your mandatory bills
Name 2 ways you can build your credit score?
1. Pay your bills on time 2. Pay off debt and keep balances low on credit cards 3. Don't close unused credit cards 4. Don't apply for too many new credit cards
Name 3 things you would need when applying for a unit.
Financial Statements, Employment letter, Personal References, Money Draft/Order, Rental Application, Personal Identification
True or False - It is more cheaper to buy your meals from UberEats, Skip the Dishes and other fast food restaurants rather than cooking meals at home.
FALSE