Future Life Style

Welcome to adulthood.

You will be completing a budget based on the income given to you. Follow the steps below to create a realistic lifestyle. You will eventually create a poster that visually portrays the lifestyle you have created with the income you have been given.


PART 1: Budget

  1. Career

What is the career given to you? Mechanic

What is your estimated salary/income? $60,000


  1. Deductions

Your gross income is your total income. Your net income is the amount of money you take home after deductions. Deductions come in the form of income tax, employment insurance, pensions payments, unions dues, licensing fees, extended health and dental coverage, and life insurance.

Net Income   =   Gross income $60,000   x   0.3

My annual Net income is: $42,000

My monthly Net income is: annual income / 12 = 3,500

  1. Housing

Get your information from House Hunters Assignment.

  1. What city would you like to live in? Coquitlam
  2. How many roommates will you have? 2
  3. I plan to RENT or BUY (highlight one)
  4. My monthly rent or mortgage payment is $566
  5. How much is your home insurance? $30.17/month



  1. Utilities (Electricity, heating, hot water).

Highlight the one that applies to you.

  1. Living alone: $50/month
  2. Living with 1 roommate: $35/month per person
  3. Living with 2 roommates: $30/month per person


  1. Telecommunications

What do you want for telecommunications?

  1. Highlight the items you want: home phone, cell phone and plan, cable, internet, Netflix, other streaming service
  2. Look online to see how much it would cost you per month to get what you want.
Service Cost
Cell Phone and Plan 67.20
Internet 25
Cable 55


Total :  $147.2

  1. Food
    1. Complete Meal Planner
    2. Meal cost $71.73 /month


  1. Transportation

How will you get around?

  1. Public transit – $__ ____/month
  2. Bike
    1. Total amount to purchase $___ ____
  3. Car
    1. Use Car Purchase Assignment for this info
    2. Total monthly car payment – $112/month
  • Total monthly car insurance – $94.36/month
  1. Total monthly gas estimate – $67.32/month


  1. Health Care

Here is the link to the current rates: https://www2.gov.bc.ca/gov/content/health/health-drug-coverage/msp/bc-residents/premiums/rates

  1. What will your monthly rate be? $37.50/month


  1. Recreation

What will you do for entertainment? (Concerts, movies, gym fees, lessons etc.)


What will you do for fun?

How many times per month will you do this activity? How much does it cost per time you do this?  


TOTAL COST per month

Basketball drop in 15 15
TOTAL COST of all activities for the month:



  1. Savings

Use My Savings Goals Assignment to help complete this section.

Something I want to save up for is a house.

  • This costs $2m
  • I want to buy it in 45year/s.
  • How much would you need to put into Savings each month to reach this goal? 1,000


  1. Emergencies

Are you ready for the unexpected?

Look at your annual net income, divide it by 12, then multiply it by 5%.

  1. How much per month will you put into savings towards your goals (5% of your net income is recommended) – $200/month
  2. How much per month will you put into an emergency fund (5% of your net income is recommended; this is for when unexpected costs pop up in your life) – $150/month

Budget Calculator

*Only put values in boxes that are this colour!
*Do not use Dollar Sign $
LIVING EXPENSES $ per month $ per year
Rent/mortgage payments $566.00 $6,792.00
Home Insurance $30.17 $362.04
Utilities $30.00 $360.00
Telecommunications $147.20 $1,764.00
Meal Costs 71.73 860.76
Public transit
Car payments 112 1344
Car insurance 94.36 1132.32
Gas estimate 67.32 807.84
Maintenance and repairs (2% of value of car) 0
Health Care
Prescriptions/glasses/contacts 0
Monthly rate 37.5 450
Total recreation costs 15 15
Savings 200 2400
Emergencies 150 1800
Miscellaneous 0
Computer 500 500
Personal grooming (haircuts, makeup, shampoo, soap, deodorant, etc.) 30 360
Clothing 300 3600
Charity 0
etc 0
Total Expences 2351.28 22547.96
NET INCOME 1000 12000
Monthly Yearly
TOTAL EXPENSES $2,351.28 $22,547.96
TOTAL INCOME $3,500.00 $42,000.00
DIFFERENCE: $1,148.72 $19,452.04