{"id":5042,"date":"2019-05-15T08:21:36","date_gmt":"2019-05-15T12:21:36","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=5042"},"modified":"2019-05-15T08:21:36","modified_gmt":"2019-05-15T12:21:36","slug":"plan-your-income-and-expenses","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/youth\/plan-your-income-and-expenses\/","title":{"rendered":"Plan your Income and Expenses"},"content":{"rendered":"<p>Planning your income and expenses makes it easy to know if you\u2019re getting in debt or if you can save for the future.<\/p>\n<h2>Advantages<\/h2>\n<ul>\n<li>learn how to manage your money and know where it goes<\/li>\n<li>avoid always being short of cash<\/li>\n<li>have money on hand when you need some<\/li>\n<li>avoid making financial faux pas when you grow up and when you\u2019ll have more money and bigger bills to manage<\/li>\n<li>put money aside every month for other projects<\/li>\n<\/ul>\n<h2>Drawbacks<\/h2>\n<ul>\n<li>Keeping a budget is not much fun. But if you choose a simple method that suits you, you could learn to like it!<\/li>\n<\/ul>\n<p>The inconveniences of not having a budget outweigh the drawbacks of drawing one up.<\/p>\n<h3>Did you know?<\/h3>\n<p>Ideally, you should set aside 5 to 10% of your monthly income. The secret of success? Budget your savings amount like you do expenses!<\/p>\n<h2>Budgeting tools<\/h2>\n<h3>Calculator<\/h3>\n<ul>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\">Draw up your budget using the tool we\u2019ve developed for you.<\/li>\n<\/ul>\n<h3>Box<\/h3>\n<ul>\n<li>Each time you spend money, keep the receipt or bill in a box.<\/li>\n<li>If you didn\u2019t get one, write the purchase amount on a piece of paper and put it in the box.<\/li>\n<li>Put in your pay slip or write on a piece of paper the amount received as a gift or allowance (your income).<\/li>\n<li>At the end of the week (or month), add your expenses. Did you spend more then you earned? Oops!<\/li>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\">The next step: Sort your expenses by category (outings, restaurant, movies, clothing, etc.). It\u2019ll be easier to determine which expenses to cut.<\/li>\n<\/ul>\n<h3>Notebook<\/h3>\n<ul>\n<li>Enter your day\u2019s expenses in a notebook when you get home.<\/li>\n<li>By entering each amount spent in a category (restaurant, movies, clothing, etc.), you\u2019ll know exactly where you spend the most and where you can cut to save more.<\/li>\n<li>Remember to also enter your earnings (babysitting, gift from grandmother, allowance, etc.).<\/li>\n<li>Deduct your expenses from your income to know if you\u2019re managing your money effectively. If the total is negative (in the red), you have 2 solutions:\n<ul>\n<li data-gc-list-depth=\"2\" data-gc-list-style=\"bullet\">spend less<\/li>\n<li data-gc-list-depth=\"2\" data-gc-list-style=\"bullet\">earn more money<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Cell phone<\/h3>\n<ul>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\">There are even applications that help you keep track of your income and expenses, (e.g., on the iPhone).<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Planning your income and expenses makes it easy to know if you\u2019re getting in debt or if you can save for the future. learn how to manage your money and know where it goes avoid always being short of cash have money on hand when you need some avoid making financial faux pas when you 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