During the process of creating a budget, you will need to be honest with yourself about your needs and your wants.
Access Credit Union implemented a financial literacy program in 2017 called Each One Teach One. The program was created by Vancity Credit Union in 2008 and is an award-winning program that offers educational workshops on basic financial skills. There is no selling of products or services during the 17 available workshops. Access Credit Union currently has 21 financial literacy trainers who have to date, facilitated 150 workshops to over 2,200 participants.
One of the most requested workshop topics is budgeting. A budget is a detailed list of your expected income and planned spending over a certain period of time. A budget will help you understand where you spend your money, protect and prepare you for possible financial difficulties and help you reach your financial goals. Essentially, it is a tool to ensure you don’t spend more than you have. During the process of creating a budget, you will need to be honest with yourself about your needs and your wants. Everyone’s needs and wants are going to be different and it can often be difficult to determine what is a need versus what is a want. For example, everyone needs to eat so food is a need right? It is but food may turn into a want if you are purchasing all organic items that you really can’t afford or eating at
