The more you understand about household expenses, income and taxes, the more control you will have over your personal finances.

The first objective
The first objective is for students to understand the cost of running their household for one month.

In order to do so, the students will provide a detailed account of the costs of running their household for one month.

Getting started:

1. Make a list of all the possible income sources for a month;

2. Make a list of all the possible expenses for one month;

3. Make a list of all the possible savings and investment options for one month.

Options

• Budget based on expectations (Future);

• Tracking based on actual spending (Past).

The student should:

• Learn the costs of hydro, telephone and cable from their household bills;

• Go grocery shopping at least once;

• Learn the total cost associated with transportation;

• Understand the cost of credit.

A good budget should result with the family knowing where their money is spent and being satisfied with the allocations within their control.

Second objective
Understanding wage income and deductions
An annual income: net versus gross
Standard deductions
Minimum wages in Canada
Financial comparison of working for minimum wage or making a career over a ten year period.