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
What is the career given to you? Office clerk
What is your estimated salary/income? 31,363 per year
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
Get your information from House Hunters Assignment.
- What city would you like to live in? Coquitlam
- How many roommates will you have? 2 roommates
- I plan to RENT or BUY (highlight one)
- My monthly rent or mortgage payment is $566
- How much is your home insurance? 30.17 $/month
- Utilities (Electricity, heating, hot water).
Highlight the one that applies to you.
- Living alone: $50/month
- Living with 1 roommate: $35/month per person
- Living with 2 roommates: $30/month per person
What do you want for telecommunications?
- Highlight the items you want: home phone, cell phone and plan, cable, internet, Netflix, other streaming service ______________,
- Look online to see how much it would cost you per month to get what you want.
|Cell phone plan||40/per month|
Total : $ 78
- Complete Meal Planner
- Meal cost $237 /month
How will you get around?
- Public transit – $56/month
- 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
- What will your monthly rate be? $17.50/month
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
|TOTAL COST of all activities for the month:
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
Are you ready for the unexpected?
Look at your annual net income, divide it by 12, then multiply it by 5%.
- How much per month will you put into savings towards your goals (5% of your net income is recommended) – $91.6/month
- 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
Where else will your money go? Charity, travel, furniture, renovations etc.
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.
- There are some additional items in the Excel that you MUST include like “Personal Grooming”
- 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|
|Rent/mortgage payments||$ 556.00||$ 6,672.00|
|Home Insurance||$ 30.00||$ 360.00|
|Utilities||$ 30.00||$ 360.00|
|Telecommunications||$ 78.00||$ 936.00|
|Meal Costs||$ 237.00||$ 2,844.00|
|Public transit||$ 56.00||$ 672.00|
|Car payments||$ –|
|Car insurance||$ –|
|Gas estimate||$ –|
|Maintenance and repairs (2% of value of car)||$ –|
|Monthly rate||$ 17.50||$ 210.00|
|Total recreation costs||$ 45.00||$ 540.00|
|Savings||$ 50.00||$ 600.00|
|Emergencies||$ 91.00||$ 1,092.00|
|Personal grooming (haircuts, makeup, shampoo, soap, deodorant, etc.)||$ 25.00||$ 300.00|
|Clothing||$ 35.00||$ 420.00|
|Charity||$ 15.00||$ 180.00|
|Total Expences||$ 1,265.50||$ 15,386.00|
|NET INCOME||$ 1,829.00||$ 21,948.00|