Where Does it Go?
This is the income you receive after taxes are taken out.
What is net income?
This category includes your monthly rent or mortgage payment.
What are housing expenses?
This method ensures your income minus expenses equals zero.
What is a zero-based budget?
This is the first thing you should save before spending on anything else.
What is emergency savings?
If you're spending more than you're earning, this is the first thing you should do.
What is cut back on unnecessary expenses?
This program helps unemployed Canadians while they search for work.
What is Employment Insurance (EI)
These are bills like electricity, water, and internet that you pay every month.
What are utilities (e.g., hydro, internet)?
This method involves using cash in envelopes for different spending categories.
What is the envelope system?
This fund is meant for unexpected costs like car repairs or medical bills.
What is an emergency fund?
If you want to save money, start by looking at this area of your budget.
What are personal expenses?
This is an example of earning money without having a traditional 9-to-5 job.
What is freelance work or online gigs?
These are costs for things like clothing, eating out, and entertainment.
What are personal expenses?
his method focuses on saving and paying off debt first, before spending on other things.
What is a reverse budget?
This is a common goal for saving when you’re starting to budget.
What is paying off debt?
This tool helps you track your spending and make sure you stick to your budget.
What is an expense tracker?
This is the best way to track income that changes every month, like from side gigs.
What is a cash flow budget?
This tool helps you track your spending and find areas to save money.
What is an expense tracker?
This method tracks income and expenses weekly, which helps when money is tight.
What is a cash flow budget?
Budgeting can still work well even if you’re on a fixed income like EI.
What is false?
The key to sticking to a budget is to regularly track and categorize your expenses.
What is tracking and categorizing your expenses?