Category Archives: Planning 10

Future Lifestyles Poster

 

In conclusion my future lifestyle will be difficult because my pay is low but I do spend under my budget so that’s good.

 

PART 1: Budget

  1. Career

What is the career given to you? Office clerk

What is your estimated salary/income? 31,363 per year

 

  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 31,363    x  0.3

My annual Net income is: 21,954

My monthly Net income is: annual income / 12 = 1829.5

  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 roommates
  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

https://www.bcaa.com/insurance/home/renters

 

  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
cable $13/per month
Cell phone plan 40/per month
internet 25/per month

 

Total :  $          78                   

  1. Food
    1. Complete Meal Planner
    2. Meal cost $237 /month

 

  1. Transportation

How will you get around?

  1. Public transit – $56/month
  2. Bike

 

  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? $17.50/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

soccer 8
skiing 3 $60 $180
movies 1 $40
TOTAL COST of all activities for the month:

$240

 

  1. Savings

Use My Savings Goals Assignment to help complete this section.

Something I want to save up for is oculus vr headset.

  • This costs $500
  • I want to buy it in 1 year/s.
  • How much would you need to put into Savings each month to reach this goal? $50

 

  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) – $91.6/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) – $91.6/month

 

  1. Other

Where else will your money go? Charity, travel, furniture, renovations etc.

 

  1. Budget

Next you will be transferring these amounts to the budget worksheet and doing the totals. You will notice there are some other important expenses on that worksheet that are not on this prep sheet; consider if these will be relevant expenses for you.

  1. There are some additional items in the Excel that you MUST include like “Personal Grooming”
  2. It is imperative that your expenses are LOWER than or EQUAL TO your income. Otherwise you will need to re-assess your spending and make adjustments until your budget balances. Make sure you adjust this Prep Sheet so it reflects the changes made to your budget.
STUDENT BUDGET WORKSHEET
*Only put values in boxes that are this colour!
*Do not use Dollar Sign $
LIVING EXPENSES $ per month $ per year
Housing
Rent/mortgage payments $                     556.00 $                 6,672.00
Home Insurance $                       30.00 $                   360.00
Utilities $                       30.00 $                   360.00
Telecommunications $                       78.00 $                   936.00
Food
Meal Costs $                     237.00 $                 2,844.00
Transportation
Public transit $                       56.00 $                   672.00
Bike $                             –
Car payments $                             –
Car insurance $                             –
Gas estimate $                             –
Maintenance and repairs (2% of value of car) $                             –
Health Care
Prescriptions/glasses/contacts
Monthly rate $                       17.50 $                   210.00
Recreation
Total recreation costs $                       45.00 $                   540.00
Savings
Savings $                       50.00 $                   600.00
Emergencies $                       91.00 $                 1,092.00
Miscellaneous
Computer $                   200.00
Personal grooming (haircuts, makeup, shampoo, soap, deodorant, etc.) $                       25.00 $                   300.00
Clothing $                       35.00 $                   420.00
Other
Charity $                       15.00 $                   180.00
etc
$               15,386.00
Total Expences $                 1,265.50 $               15,386.00
NET INCOME $                 1,829.00 $               21,948.00
Monthly Yearly
TOTAL EXPENSES $1,265.50 $15,386.00
TOTAL INCOME $1,829.00 $21,948.00
DIFFERENCE: $563.50 $6,562.00

 

Smart Goal Reflection

  1. My goal for the past 2 weeks was to get a six pack because it would look cool and help with sports.
  2. Unfortunalety I did not achieve this goal because It was hard to find time and doing this goal is hard to achieve in the 2 week range.
  3. The most challenging part of achieving my goal was finding time to do it.
  4. Next time I will do better to find time to achieve my goal.
  5. I plan on continuing my goal when I have the time because it will help me with sports which I love to do.