Tommy Douglas Library Summer Camp 2026 - Day 1 Recap

This summer, we kickstarted our Tommy Douglas Library Summer Camp with a deep dive into earning and budgeting basics. We explored and understood the distinctions between gross and net pay, and learned about tax brackets (including federal Canadian and provincial BC brackets)! After, we discussed the types of income sources - we looked at active income (such as salaries and hourly wages), passive income (such as from content creation or royalties), and investment income (from interest, dividends and many more such sources!). After brainstorming some ways our learners could start to earn their own income, we learned about needs and wants - but with a bit of a twist! We looked at how we often disguise our wants as needs in order to strip away the mental guilt of spending, but how we are losing more money nonetheless than if the purchase was focused solely on the need. For example, shoes are a need, but a $200 pair of shoes from a trending brand is a want! However, we often pass off the shoes as a need instead - distinguishing the difference between the two and learning to indulge wisely is extremely important for long-term wealth building. Our fourth topic was Fixed vs. Variable costs - we learned about the distinctions between them, and how they come together to create the total expenses in people's day-to-day lives. After a quick Fixed or Variable? game, we turned to our final topic - budgeting frameworks! We learned about vital beginner frameworks for smart spending such as the 50/30/20 rule, Zero-Based Budgeting and the 80/20 (or "Pay Yourself First") rule, as well as the pros and cons of each. To round off our camp session, we had a team activity where students created a budgeting plan for a university student living in Vancouver, keeping factors such as rent, cost-cutting, savings/investment contributions and entertainment expenses in mind! Today's camp was fun and engaging, with lots of vital learnings and hands-on experiences taken away. See you for tomorrow's session!

***The Tommy Douglas Library Summer Camp was not an official partnership between the Library and Project WealthWise Association, nor is either entity directly affiliated with the other in any manner.

Disclaimer