Career and Life Management

Resource Choices

Name: ___________________
Outcomes:
R1: identify personal resources, and explain how they could be of value to self and others; examine the
fundamentals of getting and using moneybasic information on getting an income, deductions, paying
taxes, using money for various expenses, prepare and use a personal budget, identify strategies for
making the most of an incomeunderstanding spending, reducing spending, meeting financial
commitments and obligations, saving

R2: compare needs, wants and consequences, with consideration of self, others and society; explain how
to make thoughtful choices and decisions, using financial plans as tools
R5: determine the varied implications and challenges of independent/interdependent living
R11: develop strategies to overcome potential resource challenges

What is a budget?
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________

Why is it important?
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________

Components of a Budget
Gross Income:
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Net Income:
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________

Savings: Unspent income

E.g.,
___________________________________________
___________________________________________
___________________________________________
___________________________________________
Fixed Expenses:
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________

Variable Expenses:
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________

Needs vs. Wants

Define Needs? List four needs provided in the space below.

Define Wants? List four wants provided in the space below.

Life as We Know It Creation of Elliots Life:

You will be required to create a life for a fictional character named Elliot. This person is 25 years
of age and is ready for life to begin. As a group, you will need to choose an occupation for this
individual, find them a house to live in (purchased or rented), a mode of transportation, and the
other aspects of their life such as whether or not they have a life partner, children, and/or an animal(s).
From this information your group will be tasked with creating a monthly budget for our friend Elliot based on the life
that you have created for him/her. This inquiry project will allow students the opportunity to create a monthly budget
and research for themselves the components of budgeting to gain a better understanding of how this tool can be used
to enhance someones life and help achieve financial goals.
Using Gail Van Oxlades build a budget resource as a guide, students will be able to have a hands on experience with
building a budget. Please use the link provided to guide you as you work through this inquiry project.
http://www.gailvazoxlade.com/resources/interactive_budget_worksheet.html

TASK ONE:
Research the following occupations average gross income within the Province of Alberta and what benefits
(dental, medical, etc.) are given with that particular career path. Once finished researching, make an informed
decision from the occupation list below and choose one of the following careers for Elliot to have. Please circle
the occupation of your choice:

Teacher
Nurse
Realtor
Fireman
Personal Trainer
Flight Attendant
Paralegal
Physical Therapist
Meteorologist (Local Weather Person)

After choosing an occupation for Elliot, you will need to calculate your monthly income.
Use the link provided: http://neuvoo.ca/tax-calculator/ to view what Elliots yearly net income will be and what
will be taxed. From there, divide by 12 and that will be your monthly income. Provide Elliots monthly income in
the space below:

There are deductions from our gross income, such as EI and CPP, research what these stand for within the
context of this CALM class and in your own words describe what each of these are:
E.I.:

C.P.P.:

Does Elliot have a Life Partner? What does this person do for a living? Does he/she have any children? If so,
how many?

NOTE: Your partners income may only be of equal or lesser value than yours. You must calculate
his/her net income and choose an occupation from the list provided above that differs from Elliots.

TASK TWO:
You will need to find a place for Elliot to live within the province of Alberta. What city have you chosen? What
were the influences on your choice? Did you consider things like property tax, or compare rent rates in different
cities? Justify your decision in the space provided.

Have you chosen to buy a house or rent? Explain why you chose one or the other.

What is your mortgage rate? What is your amortization? Interest rate? Please show the calculations.

OR

What are you paying monthly to rent? Are utilities included, if not, how much extra are you paying? Please
show the calculations.

TASK THREE
Provide what means of transportation Elliot will be using to get around.

Did you decide to buy or lease? Is the car new or used? Why did you choose this?

How much did the car cost? What is the monthly car payment that Elliot is making? How long will it take Elliot
to pay off the vehicle? Please show calculations.

What is one potential way to save money when looking at transportation costs within Elliots budget? Explain
how this could help him/her save money.

TASK FOUR:
What hobbies does Elliot have? List 2 extra-curricular activities that Elliot is a part of:

If there is one, what are the costs of these hobbies? Provide below:

What other fixed expenses does Elliot have? E.g., Cell phones, cable, internet what do these cost per month?
Cell phone:

Cable/Internet:

What other variable expenses does Elliot have? Does he/she have any animals? What costs are associated with
having an animal?

How much is Elliot saving per month?

TASK FIVE:
Were you able to balance Elliots budget? What was the most difficult part of making a balanced budget? If no,
did you create a realistic lifestyle for Elliot to live? What were the difficulties in this? Justify your response.

Through this experience what are two things that you have learned and one thing that you still are having a
hard time understanding?

What was the most surprising thing you discovered through working through this inquiry project?