Learn how to save and spend money without breaking the bank.
We want to help young adults keep as much of their hard earned money as possible. By planning you will achieve your financial goals and limit your legal liability.
1st – Know how much you Save and Spend
To understand how much money you have available to save and spend, we have developed a series of short questions which will allow you to quickly fill in the confidential online budget calculator (http://itools-ioutils.fcac-acfc.gc.ca/BC-CB/NetInc-RevNet-eng.aspx) . From there you will be able to see where your money comes from and where it goes.
2nd – Make a Financial Plan
It will help you set your goals and be aware of distractions that may lead you away from your goals. You will understand how money fits into achieving your goals and building a life plan that fits your needs.
In order to keep money in your pockets you have to be aware of your legal rights when it comes to borrowing money, entering into contracts, buying vehicles, renting apartments. See our Youth Guide Preparing you for the Road Ahead to learn about your rights. Being informed puts you in the driver’s seat of your life! Happy Saving and Spending!!
Bank Accounts – these are considered to be assets (things you own that add value to your portfolio).
Credit – these are considered to be liabilities (things you owe that reduce the value of your portfolio)
If you rent a place to live:
If you own the place that you live in:
If you OWN/LEASE a vehicle:
If you travel by Public Transit
You can print a copy of the information you have entered by using the download link which you will receive after submitting the form here.
Email is inherently insecure, and we do not recommend emailing this document. However, since we do not store your data, it may be an acceptable method for you to get the results of the information you entered.
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Next Step – Get Budgeting, and, remember, Pay Yourself First!
You are now ready to complete the online budget calculator at (http://itools-ioutils.fcac-acfc.gc.ca/BC-CB/NetInc-RevNet-eng.aspx.) This will help you clearly understand your saving and spending habits. You can start developing a financial plan right now to ensure you gain independence and have control of your life.
Tips for Saving Money
- establish specific goals, such as what you hope to accomplish in the next 5 years. For example, completing a college education or completing a trade or skill may motivate you to put aside money for the future.
- If you do not wish to put the savings in a bank account, place your money in a jar that must be broken in order for the money to be taken out. As you see the jar filling up with more money, you will be encouraged to start saving more.
- Track all of your spending from the smallest item to big items - have a small book where you list each expenditure as it is incurred. Review these expenses and determine whether any were unnecessary, impulse buying or just “wants” and not “needs".
- Be encouraged to earn your own money- this teaches you the worth of a dollar and hopefully money you will value . Remember to set aside a good percent of your hard-earned income into your savings account or jar.
- Savings will be a means towards your independence and will set you on a path towards financial literacy.
- Remember that your goals may need to be modified as you proceed towards your adult life.
In order to keep money in your pockets you have to be aware of your legal rights when it comes to borrowing money, entering into contracts, buying vehicles, renting apartments. See our Youth Guide for Smart Living to learn about your rights. Being informed puts you in the driver’s seat of your life! Happy Saving and Spending!!