Assets

In my second class of Savings Circles at Momentum Calgary we looked at assets.

What is an asset?

Assets are typically looked at as having ownership of something worth value. Typically a car, a home, a farm.

Here we looked at it in multiple levels. Finances, connections, sense of self, basic needs and services, and skills and knowledge.

We discussed where we wanted our lives to be in two years from now. Where did we want to live, what kind of work to do, what did you want your social life to look like, what goals did you want to achieve, what are your passion?

My goal on the Skills and Knowledge sector was wanting to learn American Sign Language, and setting up S.M.A.R.T goals to get started on that.

The acronym S.M.A.R.T being, is it:

1. Specific
2. Measurable
3. Attainable
4. Relevant
5. Timely

The next was my sense of self. What qualities did I want to have, what was unique about me.

I am:

1. Friendly
2. Funny
3. Ambitious
4. Honest
5. Resilient

What are my connections with other people? Do I have a close circle of friends and relationshiops that help me achieve my goals? Are there organizations or communities that I can be a part of that will help me do that?

Next we looked at Basic Needs and Services. Do I have housing, reliable transportation, access to information I might need to help me make decisions, etc.

My Basic Needs and Services were:

1. Chronic pain centre
2. Shelter
3. Transit
4. Employment
5. Library
6. Community Resource Centre

The next was finances. Do I have income? If so, where from? So I listed them and came up with some surprising items that I never would have put on my list before. I found:

1. Employment
2. Alberta Works
3. Tax Free Savings Account
4. Piggy Bank (spare change)
5. Gift cards
6. Pop bottles

Then I looked at the challenges part of my life. What do I need to work on now to start achieving what I want my goal to be in two years?

These were huge skills to work on, and a very important one to look at in this program.

Budgeting

My first class at Momentum was Budgeting. Probably the best class to have, at the very beginning of my savings circles program.

I learned about what kind of relationship I had with money. Good, bad? When I hear the word "money" I think of it as bills and trouble. When I hear the word "budget", I think of restrictions placed on me. I never really learned about money from my parents, they didn't feel it was necessary to concern us children with money.

I've always paid my bills first and that's really the only things that I have "managed" my money. My biggest fear about money is that I might become homeless.

So, I began with learning that, and figuring out where I spent my last 10 purchases. Which were really luxuries for the most part. Pens, pencil crayons, coffee. But I also spent it on rent and a bus pass and a pill organizer for my medications.

I learned about my needs, and my wants, what my spending habits were, and then I added it all up. Those teeny, tiny purchases, add up to a lot!

So then I worked on a budget planner, but this still continues to be a struggle for me until this day.

This month, my income was $361.00 from Alberta Works.

Plus the $124.34 I make every two weeks from employment.

That makes $609.68 for the month of October.

So my bills were:

Loan Payment: $64.94

Enmax: $63.56

Shaw: $73.50

Credit card: $110.00

Bus Pass: $5.05

Monthly bank fee: $14.95

I was already withdrawn in my bank account by the time my Alberta Works cheque came in. So I was unable to make my rent for the month of October. I am now making payments to catch up on that.

I have to say, budgeting is not easy for someone with a low-income. There is no money to save, or spread.

Although, I try my best and save my change.

At the end of this year, my loan payment will be paid in full, and I'll be able to concentrate on paying off my student loan.

I'm glad that I learned my relationship with money and this budgeting piece.

It gives me better insight, on where to distribute my money on a monthly basis.