Lesson 1: Basic Budgeting

Learning how to be careful with your own money is essential for any would-be job seeker. When you’re employed, your spending habits will change, but for now it’s crucial to keep an eye on your wallet.

Skills you will learn:

• The difference between income and expenses

• How to create your own “budget journal”

• Easy hacks on saving

The Basics

You might hear the word “budget” and immediately think of complicated math, accounting, and hard-to-do sums. 

We’re here to set the record straight. Keeping a basic budget is as easy as 1-2-3.

All it entails is keeping a note of how much money is coming INTO your wallet, and how much money is going OUT. Yes, you’ll need to use your calculator once a week or so, but once you’re into it, it’s a really useful and easy habit to pick up. It’ll teach you to be money smart, keep on track, and keep your money goals visible.

Income and Expenses

Money that you receive, like pocket money for instance, we call “INCOME.” “EXPENDITURE” is a fancy way of saying “what you spend.” 

The goal of budgeting is to always keep your Income higher than your Expenses. Having a larger Expenditure than Income means that you are in debt, or broke. And we don’t want that!