Budgeting 101

What is Money?

Money is what you use to buy things. Over time we, as a society, have agreed on how many “dollars” are needed to buy each item. We know it works because we have used it over and over for all kinds of things. It is by learning these concepts and gaining experience with making transactions that we begin to learn skills that will support independence in the future. Read more

Knowing where you spend your money

Whether you have a disability pension (for example, Ontario Disability Support Pension – ODSP) or you receive a pay cheque from employment, the money you have available to use is likely limited. Before you can set up a budget, you need to know where you are spending your money. Most people do not have a good idea of what they are spending their money on. Read more

Additional Resources:

1. Daily Money Log
2. Expense and Income Summary Form

Creating a Budget

Budgeting your money is important because it is a way to make sure that you have enough money for your basic needs such as food, clothing and shelter. It will help you to avoid owing money to friends, credit card companies, or banks. It can allow you to put money away for a big purchase like a vacation, a piece of furniture, or something else that you want or need. Read more

Additional Resources:

1. Personal Budget Plan
2. Download: Monthly Budget Calculator (MS Excel)
3. Link: www.free-financial-advice.net

Simple Strategies to Help Save Your Money

After paying for the basics – rent, food, transportation, personal needs and clothing, there is usually not much left over. Here are some strategies that could help you save money for that trip or the new TV that you have always wanted. Read more