Budgeting for Life Stages

Budgeting is one of the most useful skills you can learn as you move toward adulthood. It helps you understand where your money goes, how to plan for what you need, and how to reach goals that matter to you. Your financial needs will change as your life changes. This handout will help you see how those changes happen and how a budget can guide you through each stage.

Think of this handout as a road map. No matter which path your life takes, budgeting can help you stay organized, make good choices, and feel more confident about the future.

Why Budgets Matter

A budget is a simple plan that shows what money comes in and what money goes out. Many people avoid budgeting because they think it is stressful or only for adults. In reality, budgeting reduces stress. It gives you a clear picture of what you can do now and what you can work toward.

Budgeting is not about restricting your life. It is about understanding your life.

Your needs, wants, and priorities will shift as you move from being a teenager to a young adult and beyond. A strong budget helps you stay prepared for these changes.

1. Life Stages and How Money Needs Change

Your financial needs at age 15 will not be the same as your needs at age 25 or 35. Below are examples of how expenses shift across different stages of life. You may not experience these stages in this exact order, but the lessons still apply.

Living at Home

Many teens live at home and have fewer financial responsibilities. This stage can feel like a safe launching pad for learning how money works.

Most common expenses at this stage include:

• Phone plans

• Clothes

• Snacks or meals with friends

• Personal items

• Gas or bus fares

• Savings goals like concerts or small trips
  
  

Scenario: Jordan at 16

Jordan lives at home, works a few hours a week at a local grocery store, and earns about 300 dollars a month. Jordan pays for a phone bill and saves money for a video game console. Because Jordan does not pay rent or groceries, this is a great time to practice saving and understand how spending choices add up.

Moving Out on Your Own

Moving out is exciting but also expensive. Monthly costs start to pile up. Rent is usually the biggest cost. On top of that, there are groceries, transportation, furniture, cleaning supplies, and sometimes power and internet.

Scenario: Rhea at 18

Rhea moves out to rent a basement suite close to school. Rent is 750 dollars. Power and internet are another 150 combined. Groceries are about 250 each month. Rhea works part-time and must learn how to spread out her money so she does not run out before payday. She realizes quickly that buying takeout every day does not fit her budget.

Checklist: Things to Plan Before Moving Out

• Do I know the cost of rent, utilities, and groceries

• Do I have basic furniture or a plan to get it

• Do I understand my monthly income

• Do I have an emergency amount saved

• Do I know how to cook simple meals

• Do I have a plan for transportation

Starting Post-Secondary or Job Training

College, university, and trades training all come with new costs. These may include tuition, books, tools, bus passes, laptops, and student fees. You may also need to move to Regina or Saskatoon, which can increase your living expenses.

Scenario: Aleena at 19

Aleena moves from a smaller community to Regina for nursing school. Tuition and supplies cost about 4,000 dollars each semester. She works part-time at a care home, but her hours change each month. Budgeting helps her know how much she needs to save in the summer to pay for books and fees in the fall.

Beginning Full-Time Work

With full-time work comes more income, but also more adult responsibilities. You may start paying for your own insurance, transportation, and long-term goals. Your money choices now affect your future stability.

Scenario: Tyrell at 21

Tyrell finishes his carpentry apprenticeship and gets a full-time job. He earns more money than before but also pays for a vehicle loan, tools, and union fees. He learns that even a good income can disappear quickly without a plan.

Starting a Family

When someone starts a family, their budget changes again. Child care, baby supplies, clothing, food, and health needs all add new costs. This stage often requires people to limit wants and focus on needs.

Scenario: Dani and Chris at 25

Dani and Chris have a newborn. They did not realize how quickly diapers, formula, and baby clothes add up. Their budget helps them decide what is essential and what they can save for later.

Planning for Major Purchases

Even when your life feels stable, major purchases can challenge your budget. These might include vehicles, moving to a new city, big trips, or health-related costs. Planning ahead prevents these expenses from becoming overwhelming.

Checklist: Planning for a Big Purchase

• What is the total cost

• How long will it take to save

• What costs repeat each month

• Do I need insurance

• What repairs or extra fees could happen

• Can I delay the purchase if needed

3. Building Budgets for Real Life

Below is a simple budget using numbers that students often see when living away from home. This budget is written in plain language so you can follow how the money flows.

Sample Monthly Budget: Maya in Saskatoon

Income
Part-time job: 1,200
Student loans and grants: 400
Total income: 1,600

Expenses
Rent: 700
Groceries: 200
Power and internet: 150
Transportation: 80
Phone: 60
Personal items: 80
Eating out: 60
Savings: 100
Emergency fund: 50
Total expenses: 1,480

Leftover amount: 120

Maya chooses to put half of the leftover into extra savings and use the other half for school supplies or fun activities. This helps her build good habits for later stages of life.

4. Needs, Wants, and Shifting Priorities

Understanding the difference between needs and wants is important for budgeting.

Needs are things required to live safely such as food, shelter, clothing, utilities, and basic transportation.
Wants are things you enjoy but do not need to survive such as new clothes, video games, streaming services, or eating out.

Your needs and wants will shift with each life stage.

At 15, your needs might be small. At 20, your needs may include rent, groceries, and transportation. At 30, you may need to support a family or maintain a home.

Budgeting helps you adjust to these changes without panic.

5. Adjusting Goals Across Life Stages

Goals guide your spending. You can have short-term, medium-term, and long-term goals.

Short-Term Goals

These might include:

• A new phone

• Saving for a class trip

• Buying clothes for a job interview
  
  

Medium-Term Goals

These might include:

• Saving for a car

• Paying for a semester of school

• Building an emergency fund
  
  

Long-Term Goals

These may include:

• Buying a home

• Raising a family

• Saving for retirement

• Building a business
  
  

Your budget helps you reach these goals by showing you what you need to save and what you may need to delay.

6. Treaty Connections and First Nations Perspectives

In Saskatchewan, budgeting and financial planning also connect to Treaty relationships. Treaties promised shared economic opportunities. They support education, land use, and the ability of First Nations communities to build and protect their economies.

Many First Nations families also follow cultural values around sharing. This may mean helping relatives, supporting community events, or contributing to cultural practices. These values influence how people budget and plan.

Budgeting through a Treaty lens helps students understand:

• How economic rights in Treaties support long-term planning

• How community well-being is linked to financial decisions

• How income from Treaty-related opportunities, such as land use or resource development, can affect personal and family budgets
  
  

This connection helps students see that budgeting is not only about the individual. It can support the health of families, communities, and future generations.

Checklists to Support Your Budget Planning

Monthly Budget Checklist

• What is my total income this month

• What bills must be paid first

• What do I want to save for

• What will be my emergency amount

• Did I track all spending

• What can I adjust next month
  
  

Emergency Planning Checklist

• Do I have at least some money set aside

• Do I know how much unexpected expenses cost

• Do I have a backup plan for transportation

• Do I know who to contact if I need help
  
  

Summary: What You Can Now Do

After reading this handout, you should now understand how budgeting works across different stages of life. You have seen how income changes, how needs shift, and how your personal goals shape your spending. You also learned how Treaty relationships connect to financial planning and how cultural values can shape money decisions.

Most importantly, you should now be able to say:

I can plan a budget for different life situations and show how my financial needs and goals change over time.

7. References

The following resources helped shape the content of this handout and provide reliable financial literacy information tailored for students in Saskatchewan:

• Martin Family Initiative. (2022). Financial Literacy – Student Resource. Retrieved from the Financial Literacy 10 resource workbook.

• FHQ Virtual School. (2025). Lesson 7.1: What Is a Budget? Retrieved from https://www.fhqvirtualschool.net/academics/financial-literacy-10/lesson-7-1-what-is-a-budget

• Handout Maker (ChatGPT). (2025). Contributed to Lesson 15: Budgeting for Life Stages by writing accessible, curriculum-aligned content designed for Grade 10 students