2.  basic income is a proposed system of social security, that periodically provides each citizen with a sum of money that allows the receiver to participate in society with human dignity. social security  "The Basic Income Guarantee is an unconditional, government-insured guarantee that all citizens will have enough income to meet their basic needs."

3.  Making a budget is pretty simple. But before I outline how to make a budget, I need to explain what I believe is the number one key concept in budgeting: A Budget is a Plan. "Budgeting" and "Planning" are synonymous.  "A budget is a plan for how you are going to spend your money"

4. After arriving at a total monthly net income compile a list of all known monthly expenses. Here is a sample list:  Mortgage(or rent)payment - - - - - - - - - - - - - - - - - - -- - - - - - - - - - 1,100.00  Auto loan - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 460.00  Auto insurance - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 200.00  Auto expenses (gas, etc.) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - 175.00  Groceries ($150.00/week) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 650.00  Utilities - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 210.00  Telephone - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 65.00  Medical - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 130.00  Loan payment - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 125.00  Life/Health insurance - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 240.00  Entertainment - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -125.00  Savings - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 500.00  Weekly Cash ($100.00/week) - - - - - - - - - - - - - - - - - - - 433.33 Total Expenses - - - - $4413.33

5. Below is the calculator’s list of household expense categories and suggested standard budget percentages.  Housing: 25-35%  Food: 5-15%  Auto/Transportation: 10-15%  Insurance: 5%  Debt: 5-10%  Entertainment / Recreation; Personal: 5-10%  Clothing: 2-7%  Savings: 5-10%  Medical / Dental: 5-10%  Utilities: 5%  Investments: 10-15%  Charitable Gifts: 10-15% Read more at Suite101: Basic Monthly Budget – Household Expenses List: Standard Family Budgeting Example & Free Excel Worksheet Template http://personal-budget- creation.suite101.com/article.cfm/basic_monthly_budget_household_expenses_list#ixzz0v0sLlsWEBasic Monthly Budget – Household Expenses List: Standard Family Budgeting Example & Free Excel Worksheet Templatehttp://personal-budget- creation.suite101.com/article.cfm/basic_monthly_budget_household_expenses_list#ixzz0v0sLlsWE

6.  6% should go toward child care or school expenses if the household has children in school or day care.  Since the percentages above add up to 100%, a household with children should reduce another category or combination of categories by 6% total to allow for child care.

7.  Households with substantially lower or higher incomes will need to adjust percentages accordingly.  There are minimum cost levels in each category, and no matter how low an income goes, that minimum level will remain essentially the same. For instance, a one-bedroom apartment will have a base minimum price in each city; no matter what a person makes, that amount will not change unless the apartment is rent-controlled or subsidized in some way.

8.  A lower income household may pay a larger percentage of income toward housing, food, auto, insurance, and medical bills; the same household may not have enough money leftover at the end of the month to invest, so that category may be zero percent.  Conversely, a much higher income household may have more than 5% available for investing or may spend more money on recreation and miscellaneous expenditures.

9.  See handout

10. I hope this information has given you some useful tips. If you have any suggestions for future seminar topics, please see Mrs. Edwards or another Student Support Services staff member. If you are viewing this workshop online, please come by Student Support Services, 109 Eldridge Hall, and complete an Academic Seminar Evaluation form, so that we may have documentation of your program participation. You may also print this form online. EXIT